Florida firm buys former Atlantic Club, won’t run it as a casino

By Wayne Parry, Associated Press

Thursday, May 29, 2014 | 6 p.m.

ATLANTIC CITY — A Florida company bought the former Atlantic Club Casino Hotel on Thursday, and plans to operate it as a nongambling facility.

TJM Properties paid an undisclosed sum for the casino and its 800-room hotel, which shut down in January.

It is the second acquisition this year of a former Atlantic City casino that the company plans to run as a nongambling facility. In February, TJM bought the 500-room hotel portion of the former Claridge Hotel Casino, which was part of the Bally's Atlantic City casino, for $12.5 million.

Company spokeswoman Sherry Amos said TJM sees value in Atlantic City's nongambling tourism market.

"TJM is attracted to the Atlantic City market, and they believe that noncasino amenities have great value in the future of Atlantic City," she said.

The company does not have any firm plans for the former Atlantic Club property, but does not plan to run it as a casino.

It purchased The Atlantic Club and the Claridge from Caesars Entertainment, which jointly bought the Atlantic Club out of bankruptcy last December with Tropicana Entertainment. The two casino companies divided its assets, with Tropicana taking the gambling equipment and customer lists, and Caesars getting the building and the land under it. The two companies then shut down the Atlantic Club on Jan. 13, reducing competition and dropping Atlantic City's roster of casinos to 11.

Amos said TJM plans to finish developing the restaurants and other attractions at the Claridge before turning its full attention to the Atlantic Club property.

The company has not yet picked out a name for the property, and has no time frame in place for opening it.

TJM Properties is a privately held real estate firm owned by Terence McCarthy of St. Petersburg.

The Atlantic Club purchase was first reported by The Press of Atlantic City.