Caesars Entertainment Corporation has reportedly agreed to spend an undisclosed amount of cash in order to buy back a shopping and entertainment pier located next to one of its three Atlantic City casinos.
According to a Tuesday report from the Associated Press news service, the casino operator pocketed $2.7 million five years ago after selling The Pier Shops at Caesars to Philadelphia-based entrepreneur Bart Blatstein. The facility is purportedly attached to the firm’s Caesars Atlantic City Hotel and Casino and was later re-opened by the businessman as The Playground following a $52 million refurbishment.
However, the news service reported that Blatstein subsequently struggled to attract enough footfall to the new-look Boardwalk facility despite premiering additional nightlife options and a range of high-end retail outlets including Gucci and Apple shops. The venue also suffered from a lack of accessible parking and was further derided after its owner failed to follow through with plans that were to see it offer an elevated pool high above the waters of the Atlantic Ocean.
The Associated Press reported that Blatstein also owns the nearby Showboat Atlantic City and now intends to concentrate solely on bringing gambling back to the 1,330-room venue. This property shuttered is casino in 2014 although the businessman purportedly proclaimed that he would be announcing details of a ‘very significant development’ in the near future.
Blatstein reportedly told the news service…
“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.”
For its part and Caesars Entertainment Corporation moreover owns Harrah’s Resort Atlantic City and Bally’s Atlantic City in New Jersey but was reportedly unwilling to divulge future plans regarding its latest investment. The Las Vegas-headquartered operator is currently involved in a $17.3 billion merger with rival Eldorado Resorts Incorporated and was purportedly only willing to tell the news service that it would be considering its options over the coming months.
Reportedly read a statement from Caesars Entertainment Corporation…
“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.”