What better fit for a shuttered casino than to have it become part of a university? New Jersey’s Stockton University had its eyes set on the site of the former Atlantic Club Casino Hotel and the deal has now been approved by the public university’s board of trustees. However, the school won’t be looking for croupiers or beginning to offer gambling courses – it will more than likely build law and medical schools on the 20-acre property.
The NJ.com website reported on the board’s approval last Thursday. The property is now owned by TJM Properties Inc., a property development company out of Florida and has eleven acres of beachfront real estate. It has been sitting empty since 2014 when Caesars Entertainment purchased the Atlantic Club.
TJM paid about $13.5 million for the real estate about four months after it shut down. It had initially planned to offer a water park and family entertainment center, but never got the idea off the ground.
The board unanimously approved the deal, contingent on TJM demolishing the building where the resort once stood. TJM will leave intact an adjacent nine-story parking garage, which the university has said it will use for residential and academic facilities.