Atlantic Club Casino Hotel Sold for Developement Transformation into a Non-Gambling Destination
The Atlantic Club Casino Hotel was once an iconic destination for gamblers in Atlantic City. The Boardwalk casino was a major player in the once major gambling hub. It was launched as Golden Nugget back in 1980. The property closed its doors in 2014. At the time of closing there were four casinos that closed at the same time.
Real estate developer R&R Development Group is buying the property and has announced they will revamp the property and reopen it as a non-gambling destination. The amount of the purchase agreement wasn’t disclosed. Ronald Young reportedly announced that he and his real estate development firm will invest more than $135 million for renovations. Young is hoping to turn part of the property into a 300-room hotel with plans to start construction sometime this fall.
The casino part of the property is going to be occupied by a go-cart track. There will also be an arcade, a “world-class” one according to Mr. Young. Former owners of the property paid $13.56 million when it was sold before, so we know or can speculate that Mr. Young paid close to that if not more.