With the addition of Hard Rock and Ocean Casino last year, the market grew significantly. If the casino were to offer gaming once again, it would join an already loaded market. It seems the main focus is getting the property operational, offering guest space for overnight stays and dining options. It will be interesting to see in time, if the company decides to try and fight the deed restriction regarding no casino gaming. Colosseo specializes in construction and overhauls, so they should have no difficulty completing the work. It is expected that the renovation process will take some time as the property has been closed for several years. Once the venue is up and running, guests of Atlantic City will have an option for hotel stays on the south end of the Boardwalk. Once the property is restored, it will be home to 800 guest rooms as well as dining options.

The deed of the property prevents the former casino from operating as a gambling facility. For Colosseo, the company plans to renovate the facility and operate it as a non-gambling entity. TJM tried to sell the Atlantic Club several times but was unable to offload the property. The former owner, TJM Properties, obtained the property around four months after it shut down. The property was one of four that closed that year and created a hole in the Atlantic City gambling market. The Atlantic Club Casino has been shutdown since January 2014. Garay called the Atlantic Club ‘one of the finest properties on the south end of Atlantic City’ and stated the city deserves a winner, which is what Colosseo will bring to the market. Garay has already created a framework to connect with the community and provide alternative ways that sections of the resort can be used. They believe the community of Atlantic City will be able to benefit from the partnership. President of Colosseo Rocco Sebastiani stated that the company values the honesty, experience and reliability of their new partner.

In a statement, Colosseo said that they hired the firm and they have already begun the process of negotiating partnerships as well as joint ventures, leases and other items related to property.

Moving ForwardĪccording to Colosseo, they have hired Joshua Garay, the owner and operator of Garay Real Estate, based in New York and New Jersey. Now, it seems plans to reopen the property are moving forward as the owner has now hired a real estate broker and marketing manager. Colosseo Atlantic City Inc., a company based in New York, purchased the property last month from TJM Properties. Just a short time ago, we reported that the Atlantic Club Casino Hotel had a new owner.

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