ATLANTIC CITY, NJ—Caesars Atlantic City has filed suit in Superior Court here challenging Bart Blatstein's acquisition of The Pier Shops at Caesars here.
In court papers, Kevin Ortzman, president of Boardwalk Regency Corp., doing business as Caesars Atlantic City, termed Blatstein's plans for The Pier Shops at Caesars as “illegal,” according to the Philadelphia Business Journal.
Blatstein's Tower Investments, LLC and partner casino architect Paul Steelman reached an agreement to acquire the 300,000-square-foot retail center in October 2014 for a reported purchase price between $2.5 million and $2.8 million.
Ortzman charges in court documents filed in Atlantic County Superior Court that Blatstein has yet to make a payment to Caesars for the property and stated that Blatstein and his team are acting "illegally as trespassers."
Blatstein postponed a previously scheduled press conference for this Tuesday to discuss the Pier Shops project, which was to be Blatstein's entrance into the Atlantic City real estate market. See story in the Philadelphia Business Journal.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.