Icahn Takes Over Chelsea Hotel on Atlantic City Boardwalk

The once cool Chelsea Hotel is now controlled by Carl Icahn. Paperwork was filed on MAY 16 showing that Icahn took over their mortgage. That’s not good.

According to rtforty.com, a tax lien was filed on part of the property last month.

Chelsea Atlantic City shut down in December of 2016.

Chelsea owner Curtis Bashaw also owns Congress Hall in Cape May. He hoped that his Chelsea would be the first of a new wave of smaller, boutique casinos in Atlantic City.

The 330 room Chelsea is right next to another Icahn property, the elevator-challenged Tropicana. It opened in 2008 after Bashaw combined a Howard Johnson & a Holiday Inn.

Chelsea was the first non-gaming hotel to open on the Atlantic City Boardwalk in decades.

Bashaw and others pushed hard for allowing AC gambling in smaller-scale boutique hotels. But no dice. The other big box, obscenely profitable casinos quickly threw a wet blanket on that one.

Various rules were thrown around to make life difficult for those looking to diversify AC’s gaming environment. 500 rooms, new construction, blah blah…