Blatstein Navigates Shark Infested Business Waters in Atlantic City, Debuts The Playground at Caesars Pier

The former Pier Shops at Caesars officially transformed itself this week with the grand opening of The Playground. To the average fun seeker, this double decker pier in front of Caesars features a cool mix of bars, restaurants & retail. But behind the scenes of this $200 million project, lies a peek into a new Real Estate bull market in Atlantic City.

‘No longer is the Tropicana’s ‘Quarter’ the only game in town’, said Tina Perchetti from Philadelphia, who attended the VIP opening on Thursday night, June 25. Watch for The Playground to quickly attract attention and patrons from all the local watering holes…especially the Tropicana….well known as a mall-like labyrinth of eating, drinking and shopping.

Summary of The Playground Development Project

Caesars leased pier to multiple operators over the years. One operator defaulted and was foreclosed on in 2010. In December of 2014, a window of opportunity opened. Bart Blatstein moved in and grabbed this prime piece of half-empty retail parcels.

Blatstein forms new company called Pier Renaissance. Using money found in cracks of his sofa cushions, Bart handed over $2.7 million and took control of the pier.

But hold on. Blatstein & Pier Renaissance awakened a big, dumb, sleeping giant. Blatstein was served with a competing claim — Caesars Atlantic City said they still owned the pier.

In February 2015, Caesars sued Pier Renaissance. They were owed about $3.5 million in rent and property taxes. Caesars also didn’t take to kindly to Blatstein’s so called ‘grab’ of the pier. According to the Press of Atlantic City, Blatstein started to act as the landlord, going around Caesar’s… and directly collecting rent and suing tenants for rent due. Hey, somebody’s got to be the adult in the room, and it certainly wasn’t Caesar’s.

Caesars and Blatstein kissed and made up in early June 2015. Pier Renaissance dug a little deeper and handed over $3.8 million to Caesars. Blatstein also agreed to pay a minimum of $250,000 in annual rent.

The Press of Atlantic City also reports that Pier Renaissance has taken out an $8 million mortgage with Toronto-based lender Romspen Mortgage, which can take over the Playground, including rental streams, if the loan defaults.

News & Info from Atlantic City