X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTIC CITY-A year and a half ago, Bally’s owner Park Place Entertainment bought the adjacent Claridge Casino Hotel out of bankruptcy and began pumping money into the much smaller property. Now, the Claridge has effectively been swallowed up, ceasing to exist as a separate property. Going forward, the building, which was built back in the 1930s, will be known at the Claridge Tower at Bally’s.

With the move, Park Place has created the largest casino/hotel property in this gaming mecca–more than 1,750 rooms, some 180,000 sf of casino space and 4,000 parking spaces. Physically tying the two properties together is a new walkway, built at a cost of an estimated $25 million.

The move further entrenches Park Place’s boardwalk properties against new competition coming from the city’s Marina District, including the massive $1 billion Borgata, slated to open in the middle of next year. Park Place’s boardwalk empire now stretches from the combined Bally’s and Claridge properties, to Caesar’s, and on to the Million Dollar Pier. Most recently known as the Ocean One Mall, the latter will shortly undergo a major renovation.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.