Atlantic Club: The First Casino Built by Steve Wynn is Back on the Market
The historic Atlantic Club, originally opened as the Golden Nugget on December 12, 1980, is available for sale once again. Closed since January 2014, this iconic casino, the first built from the ground up by renowned mogul Steve Wynn, is attracting significant interest in the Atlantic City real estate market. The property is offered by the New York-based Colosseo Development Group, led by President Rocco Sebastiani.
Current Listing Details
The property, located at 3400 Pacific Ave, is divided into two listings on the commercial real estate platform Crexi, with the primary hotel tower priced at an inviting $55 million. This tower includes:
- 330 guest rooms
- 160 rooms with stunning ocean views
- A spacious 10,000-square-foot lobby, previously a bustling casino floor
- Direct access to the Atlantic City beach
Eddy Nevarez from Marcus and Millichap is the listing agent for this prime property. The appeal of the Atlantic Club lies not only in its size but also in its rich history and “legendary provenance,” emphasized by its original designer, Steve Wynn.
History of the Atlantic Club
After achieving great success with the Golden Nugget in Las Vegas, Steve Wynn turned his sights to the East Coast in the late 1970s. He executed an ambitious plan to establish a $140 million casino resort in Atlantic City, purchasing the Strand Motel for $8.5 million, which was demolished to make way for the Golden Nugget Atlantic City. Opening its doors in 1980, it quickly became the leading casino in terms of revenue, despite its smaller size.
The Rise and Fall
The Golden Nugget thrived, dominating the gaming revenue charts by 1983. However, Wynn’s relationship with local officials became tumultuous, leading him to sell the casino for $440 million to Bally’s in 1987. Following this, Wynn distanced himself from Atlantic City, focusing on transforming the Las Vegas Strip into a high-end destination.
The Golden Nugget underwent several rebranding phases, becoming Bally’s Grand, then the Atlantic City Hilton, and finally the ACH Casino Resort in 2011. It was subsequently rebranded as the Atlantic Club in 2012 but eventually closed on January 13, 2014—an early casualty among the four casinos that shuttered that year.
Future Prospects for the Atlantic Club
Over the years, the Atlantic Club has changed ownership several times, with numerous failed revitalization proposals. The current owners, Colosseo, attribute the lack of progress to delays in obtaining necessary renovation permits. While many projects were considered, including an indoor water park and student housing for Stockton University, none have materialized yet.
In the local context of evolving gambling laws and the competitive market landscape, the sale of the Atlantic Club not only reflects the potential for transformation but also highlights the storied past of one of Atlantic City’s most legendary casinos.
Key Facts About the Atlantic Club
- Origin: Opened as the Golden Nugget on December 12, 1980
- Closed: January 13, 2014
- Number of Rooms: 330, including 160 ocean-facing
- Previous Owner: Bally’s bought for $440 million in 1987
- Current Listing Price: $55 million for the hotel tower
As the Atlantic Club re-enters the market, it raises intriguing possibilities for investors and patrons alike, with the potential to reshape the future of this historic property.
Conclusion
The Atlantic Club presents a unique opportunity in Atlantic City’s landscape, merging nostalgia and potential growth. Its storied history, combined with fresh ownership dynamics, could herald a new chapter for this once-thriving casino. As the bidding war heats up, one thing is clear: the legacy of Steve Wynn’s first casino is far from over.