In the middle of August, the Atlantic Club Casino Hotel found a new owner. Stockton University of New Jersey was said at the time to be considering buying the 20-acre property, which it would convert into medical and law schools. However, the deal has now fizzled and the resort will remain on the market.

A report by The News and Observer last week indicated that the university wouldn’t be able to complete a transaction in a timely manner. According to Terence McCarthy, the president of TJM Properties, who owns the property, his company had “negotiated a very good deal” with the school, but that Stockton said that it “needed far more time than we were willing to provide to it without any assurances.”

McCarthy added, “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 said that he was appreciative of “all the time and hard work that has gone into this effort” and that the school was “committed to Atlantic City and expanding our presence there.” He added, “This is our future and we will continue to try to make the best investments we can there.”