By Julia Train
D-Wayne Prieto, CEO of New York-based Vivo Investment Partners, has announced plans to invest more than $1 billion into transforming two iconic Atlantic City properties – the Claridge Hotel and the former Sands Casino Hotel site – into a non-gaming sports and entertainment hub.
Prieto told the Press of Atlantic City that he has reached tentative agreements to acquire both the historic 500-room Claridge Hotel, currently owned by Florida-based TJM Properties, and the adjacent 9-acre vacant Sands site.
His vision would create a year-round destination filled with sports, leisure and residential features that would help break Atlantic City’s long-standing reputation as a seasonal resort town.
Prieto told the Press that his proposal includes the largest man-made outdoor ski slope in North America, a 20,000-seat stadium for minor league baseball, soccer and concerts, and a 30,000-square-foot esports arena. His plans also call for a 40,000-square-foot spa, a go-kart track and a mix of outdoor sports courts for basketball, volleyball and pickleball.
The development feature 1,500 new apartment units, an 800-room hotel, retail shops, restaurants and open-air spaces for concerts and seasonal activities such as ice skating.
Prieto’s idea, which he presented to Atlantic City Mayor Marty Small, Sr., excludes casino gaming, focusing instead on creating a sustainable entertainment and lifestyle district. He plans to apply for funding through New Jersey’s Aspire Program, a state initiative designed to close financing gaps for major commercial and mixed-use developments.
“We want to normalize the seasonality of Atlantic City,” said Prieto to the Press of Atlantic City. “What’s important here is that we are about to create a synergy that enables people to do things all year round. We are going to be creating programming 365 days a year.”
Atlantic City has long struggled to diversify its tourism economy beyond casinos. While there have been many proposals for non-gaming development, including the stalled $3.4 billion “motorsport lifestyle hub” at Bader Field and numerous ideas for the shuttered Atlantic Club, few have materialized. Developer Bart Blatstein’s successful transformation of the Showboat into a family-friendly resort with a waterpark and arcade remains a rare success story.
Under the New York developer’s new plans, the Claridge would retain 483 guest rooms and be repurposed to include a 30,000-square-foot esports center, which would occupy the hotel’s former theater.
The building’s old casino space would be transformed into a vibrant dining and entertainment area, featuring around a dozen restaurants and other attractions. Prieto said several potential tenants have already expressed interest in joining the project.
The Sands portion of the development would include an 800-room hotel and 1,500 apartment units.
Brighton Park – located between the Claridge and the Boardwalk – would be redesigned into a seasonal outdoor recreation and entertainment venue. During warmer months, it would host concerts and public events, while the winter season would see the space converted for ice skating and other cold-weather activities, Prieto said.
In 2014, TJM Properties acquired the Claridge and since then, it operated solely as a non-casino hotel. The hotel first opened in 1929.
The Sands casino closed its doors in 2006 and was demolished in 2007. The site was originally cleared for a $1.5 billion casino resort planned by Pinnacle Entertainment, a project that ultimately never came to fruition.
Since then, the vacant property has been a point of frustration in Atlantic City’s redevelopment efforts. In 2012, an “art park” was installed on the site, but it was removed four years later and converted into a parking lot.
Prieto expects that the revival of the Claridge will cost a minimum of $200 million, while the adjacent former Sands Casino site will require at least $800 million in investment.
Julia is a recent Rider University graduate, where she studied multiplatform journalism and social media strategies. In her spare time, she enjoys reading, trying new coffee shops, photography and the beach. She can be reached at juliatrainmedia@gmail.com or connect with her on Instagram @juliatrain
