The third deal to sell the former Atlantic Club Casino in Atlantic City stumbled once again. Stockton University’s proposed acquisition offer and recent attempts to sell a closed site that turns it into part of its new Atlantic City campus also proved unsuccessful.
What Stockton College wanted was land with a parking lot. If the site had been obtained, the hotel and casino buildings would have been completely demolished.
Yesterday, TJM Properties announced that the deal was unsuccessful. TJM President Terence McCarthy says he believes Stockton University could bring great economic development to Atlantic City, but the proposed deal will not move forward.
Although Stockton University revealed in August that it had agreed to buy the complex and shared at the time that the transaction price would be disclosed once the transaction was completed, the bid for the acquisition was never disclosed.
Harvey Kesselman, president of Stockton University, confirmed that a meeting was held with the university’s board of directors on Wednesday night. He also confirmed that negotiations were not completed, but explained that Stockton was committed to future expansion with Atlantic City.
Negotiations break down after preliminary approval of the sale 바카라사이트
In August, Stockton University’s board unanimously approved a plan to buy the former Atlantic Club property from TJM Properties.
The proposed acquisition terms at the time included the demolition of hotel and casino buildings, which Stockton plans to maintain a 1,100-space parking lot and build an academic and residential campus. The university was given the opportunity to withdraw from the contract due to a 60-day due diligence period to evacuate the property.
Now the reason for the failed deal has not been disclosed because of the confidentiality agreement signed between TJM Property and Stockton. As TJM announced, the property will be put up for sale once again.
The former Atlantic Club has been vacant since 2014.
Five months later, TJM purchased the property from an affiliate of casino giant Caesars Entertainment (Colony Capital LLC hedge fund) for a price of US$13.5 million. There have been several rumours over the years about the Atlantic Club acquisition, but they haven’t really put it into practice.
Atlantic City Mayor Don Guardian previously said he had spoken to several developers interested in a possible takeover of the abandoned property, but the negotiations were not successful for the time being.