A deal leading to the sale of TheAtlantic Resort has once again stalled. The stalling of the deal follows a financing issue.
If the deal would go through, new operators had said earlier that they intended to transform the club into something different, an entertainment center for the whole family and waterpark.
Now, all these have just a wishful thinking after the company that planned to purchase the club ran short of finances to buy the mega resort.
R&R Development Group, which had planned to invest in the club in New Jersey that has been shuttered for a long time now, has failed to honor its word after their chief financial provider, a Chinese firm decided to withdraw part of the money that had been set aside for the purchase.
The firm, which deals with real estate development, confirmed that a Chinese company withdrew nearly $35 million, which was the partner of the money that was needed to purchase the club.
After the collapse of the deal, TJM Properties, the owner of the shuttered club said that it was not willing to keep the club because it had planned to place it to a new owner. It, however, stated that the company is ready to give it to anybody and any company that is prepared to pay the money that will be equal to the value of the shuttered resort.
The price of the shuttered club was not disclosed, R&R had planned to put a whopping $135 million in renovation alone, which raises speculation into the real value of the club that shut down three years ago.
In that year alone, a total of four casinos were shut down in Atlantic City for failing to make real money online casino gambling sites a number one source of making a living to employees.
Steve Wynn established the Atlantic Club. Mr. Wynn is the current CEO and founder of Wynn Resorts, a conglomerate of Wynn Resorts.
Since that time, the club has been under several gaming companies including Hilton Hotels, Bally’s, Caesars Entertainment, and Resorts.
TJM, the current owner, bought Atlantic Club from its former owner Caesars Entertainment at a price of $13.5 million, the value that was considered to be too low by market observers and property evaluators.
Now that it has been shut for the past three years and requires quite some renovation before it resumes operation, financial advisers say that the value is likely to come down.
Perhaps, that is why a Chinese firm withdrew the funding leading to the stalling of the proposed sale of the shuttered gaming facility.