The Pier Shops at Caesars Atlantic City was auctioned off in late October at a foreclosure sale. The luxury dining, shopping and entertainment center was intended to add some glamour and glitz to Atlantic City and was sold for $25 million.
The Pier Shops opened in 2006, at the height of the Atlantic City casino market. The resort had been enduring lost market share and plunging revenue ever since.
The sale became necessary after Taubman Centers Inc.,the former owner, defaulted on its mortgage. The mall developer owed almost $150 million, but the mortgage was canceled as part of the sale.
Lenders bought the complex for $25 million plus $1. The lenders are expected to continue operating the Pier Shops while looking for a new buyer.
Retailers at the Pier Shops include Louis Vuitton, Gucci, Burberry, Tiffany & Co. and Hugo Boss. There are also several restaurants.