Published on: June 3, 2026, at 01:43h.
Updated on: June 3, 2026, at 01:43h.
- The newly adjusted price for the Atlantic Club in Atlantic City is set at $50 million.
- This closed Boardwalk casino has been available for purchase for nearly a year.
- Plans have been submitted for a 74-unit residential development adjacent to the Atlantic Club.
The Atlantic Club, which has been dormant for almost a year, has seen its price tag slashed by $5 million by its owners. This resort was originally developed by Steve Wynn.
Casino.org reported in July 2025 that the New York-based real estate firm Colosseo Development Group initially listed the Atlantic Club for $55 million, which has now been decreased to $50 million, equal to what Hard Rock International paid for the Trump Taj Mahal in 2017.
Colosseo acquired the Atlantic Club in 2019 for $25 million. The state of the property was more deteriorated than the company had anticipated at the time of purchase.
Although Colosseo invested in refurbishing the building to meet safety standards, they have since abandoned their initial vision to transform the Atlantic Club into a non-gaming resort.
AC Townhouse Project
Colosseo has submitted a proposal to the Casino Reinvestment Development Authority (CRDA) for the construction of 74 townhouses across 76 lots, aimed at establishing single-family attached homes in the neighborhood of Atlantic, Montpelier, Pacific, Sovereign, and Boston Avenues.
The 3.7-acre site is located one block northeast of the Atlantic Club, across Pacific Avenue. This area currently serves as a parking lot and is home to a Walgreens, which will remain as part of the development. The property was included in the sale of the Atlantic Club.
On April 21, the CRDA approved Colosseo’s development plans.
The approval of the application is contingent upon the applicant meeting all relevant City Land Use Ordinances or other regulations from the City, and obtaining any required governmental approvals, ensuring compliance with all Federal, State, and Local laws,” as stated by the CRDA in their development application approval.
The CRDA is responsible for overseeing land use planning within the Atlantic City Tourism District, which encompasses the proposed development area.
Seeking Buyers for Atlantic Club
Will Colosseo successfully find a buyer for the Atlantic Club?
Atlantic City is expected to face increased competition from three new casinos opening in New York City. Furthermore, if Tilman Fertitta’s acquisition of Caesars Entertainment proceeds, it is anticipated that one of the four casinos owned by the new company in Atlantic City could shut down or be sold due to market congestion.
If Fertitta opts to close or sell one of the casinos, likely candidates could be the Golden Nugget or Caesars, which would make such an establishment more appealing than the decrepit Atlantic Club that has remained vacant for over 12 years.