Friday, March 24, 2017

TJM Puts Atlantic Club Casino Hotel Under Contract

TJM Properties, the owner of the now-closed Atlantic Club Casino Hotel at 3401 Boardwalk in Atlantic City, NJ, has put the property under contract for an undisclosed price. The sale is expected to close at a later date.

The Atlantic Club Casino Hotel has been closed since January 2014. It was constructed in 1980 on 2.6 acres and underwent renovation in 2012.

The buyer, R&R Development Group LLC, plans to construct a 100,000-square-foot indoor, family-friendly entertainment facility to include a water park, hotel, restaurants and an arcade. The firm will invest more than $135 million and expects to have 300 hotel rooms delivered by this fall, while the water park construction is expected to take one or two years to complete.

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