Owner denies notice that ex-Atlantic Club Casino Hotel sold
ATLANTIC CITY, N.J. (AP) — The owner of the former Atlantic Club Casino Hotel denies the shuttered property has been sold despite the filing of a notice of settlement last month.
The notice filed Jan. 15 names the seller as Florida-based TJM Properties and the buyer as Jeffrey Smolinsky on behalf of North American Acquisitions, The Press of Atlantic City reported Saturday.
A TJM spokesman told the newspaper that there was no active contract and he wasn’t sure why the notice was filed. Smolinsky didn’t return requests for comment. No sale price was listed in the notice of settlement, a legal document that states a property is to be sold.
A profile for North American Acquisitions on the social networking site LinkedIn lists Smolinsky as a senior partner and says the Philadelphia-based investment management firm specializes in “the sale of privately held businesses primarily with revenues between $1 million and $100 billion.”
The Atlantic Club closed on Jan. 13, 2014, the first of four Atlantic City casinos to go bust that year. It was jointly bought by Tropicana Entertainment and Caesars Entertainment, with Caesars maintaining control of the buildings and property.
Caesars sold it to TJM for $13.5 million, with a deed restriction stating it could not be used as a casino. TJM said in September it wanted the restriction removed.
Stockton University announced plans to buy the property in August, just before the opening of its $176 million Atlantic City campus, saying it was interested in the nine-level parking garage and the land but wanted to demolish the casino and hotel. TJM announced in September that negotiations on the purchase had failed to progress.
This story has been corrected to show that the owner of the former Atlantic Club Casino Hotel denies that the property sold, not says it sold.