This week it was announced that a proposed deal between the Atlantic Club Casino Hotel and Stockton University has fallen through, leaving the future of the old resort in question.
The agreement would have seen Stockton University purchasing the 20 acre property and converting it from a resort into medical and law schools. Unfortunately, it looks like that Stockton needed more time to mull the offer than what the resort's owners TJM Properties was willing to accept. The Atlantic Club has been closed since January 2014, and it was purchased by TJM that same year for $13.5 million. The group has been trying to sell the property since that time, but three different deals have all fallen through.
Speaking about the lack of an agreement TJM President Terence McCarthy said, "Our organization feels that Stockton University will bring great economic development to Atlantic City and therefore offered it a deal unlike any other, which unfortunately did not and will not happen moving forward."
Stockton University President Harvey Kesselman noted that the school is committed to expanding within Atlantic City, and that: "This is our future and we will continue to try to make the best investments we can there."
The Atlantic Club opened in 1980 and had 800 rooms, along with a full casino that had more than 75,000 square feet of gaming space. It's unknown what the future of the property holds at this time.