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Caesars Entertainment Corporation are reportedly looking to buy back a pier and commercial complex that is located directly next to one of the three Atlantic City casinos they own. The financial terms of the deal have not been disclosed.
The gaming giant sold The Pier Shops at Caesars five years ago for $2.7 million to Bart Blatstein, who is an entrepreneur based in Philadelphia. The pier is adjacent to the Caesars Atlantic City Hotel and Casino and after a refurbishment of $52 million Blatstein re-opened it with the new name of The Playground.
Despite significant upgrades to the Atlantic City Boardwalk, the Playground did not attract enough visitors to remain financially viable. Parking was a major issue, while the property also suffered because Blatstein did not build an elevated pool overlooking the Atlantic Ocean as he had initially planned to.
Blatstein is also the owner of the Showboat Atlantic City and his main goal now is to reintroduce gambling to that property, which has 1,330 guest rooms. The Showboat Atlantic City closed their doors in 2014 even though Blatstein was reported to have said that in the near future the property would have “very significant development”.
Blatstein told reporters, “It’s all good. I’m very happy because I’m completely focused on the Showboat. Now there’s no distraction from what I’m going to do at Showboat. More than ever, I am extremely bullish on Atlantic City.”
Caesars Entertainment, who also own Harrah’s Resort and Bally’s in Atlantic City, were not willing to share their plans for the pier. They have other big issues to deal with, including the finalization of a $17.3 billion merger with Eldorado Resorts. The only information that Caesars divulged to the press was that they would be looking into options in the next few months in terms of their newest acquisition.
Caesars Entertainment said in a recent statement, “Caesars Entertainment Corporation remains committed to Atlantic City and the future development of our brand through job growth and capital investment. We are also dedicated to working collaboratively with all stakeholders to position the city as a leading gaming and entertainment destination here on the East Coast.”