A Pennsylvania real estate company is reportedly buying the Atlantic Club Casino Hotel in Atlantic City, but little else is known about the deal so far.
According to a report in the Press of Atlantic City, said Devon-based Endeavor Property Group LLC is taking over the troubled casino and hotel, which closed last January amid escalating financial trouble.
Endeavor representatives couldn’t be reached for comment, but there’s speculation that the building will be turned into a largely residential property.
A deed restriction mandates that the Atlantic Club can’t be turned back into a casino, according to the report. And Endeavor’s website shows that the company has a long history of work on commercial properties as well as residential ones, some specifically for senior citizens.
Israel Posner, executive director of the Lloyd Levenson Institute of Gaming Hospitality & Tourism at Stockton College, said the demand for residential housing will grow as Atlantic City rebrands itself as a multifaceted beach resort — not just a casino-gambling hub.
“I think a lot of people are very clear that the next act for Atlantic City is just that — the return to a broader resort-type of environment. And I think this fits into that scheme.”
The section of the Boardwalk where the former Atlantic Club sits is appealing, especially to seniors, Posner said.
“Folks that are looking for second homes along the Jersey Shore, folks that maybe are a little bit older and enjoy the seashore — they find that area very attractive. It’s close to the Tropicana,” he said. “It’s a beautiful section of town, particularly in the summer.”
Neither Endeavor nor the company that sold the property, Florida-based TJM Properties Inc., have said how much the Atlantic Club went for in the deal.