A Pennsylvania real estate company that specializes in residential projects and senior-citizen housing has agreed to buy the shuttered Atlantic Club Casino Hotel.
The purchase by an affiliate of Endeavor Property Group continues a revolving door of ownership at the Atlantic Club since the former Boardwalk casino closed Jan. 13, 2014, amid Atlantic City’s economic crisis.
Endeavor, of Devon, Pa., is buying the complex from TJM Properties for an undisclosed price. Once the sale closes, a deed will be filed giving the price.
Atlantic Club is under a deed restriction barring it from being used as a casino again. Endeavor’s portfolio includes eight mixed-use residential projects, including senior-citizen housing, totaling more than 1,500 units in the suburbs of Philadelphia.
One tourism analyst at The Richard Stockton College of New Jersey believes the Atlantic Club could be transformed into a residential development catering to senior citizens or people looking for a seashore vacation retreat.