Boraie Development, a prominent real estate developer in New Jersey and New York, is looking to make its mark in Atlantic City and bring about new standards for the gambling capital of America. The company’s plans include a luxe $500 million hotels with 300 rooms slated to open in 2020. The project has been given the name “Ace” and will be built on the site of Bally’s Casino, which was demolished earlier this year. Boraie Development’s work is done in Atlantic City.
1. The Alibi, Phase I and II, located at Pacific Avenue, received $2.5 million in funding from the Casino Reinvestment Development Authority (CRDA). It was a former Aquarama site that later transformed into an oceanfront entertainment complex with a nightclub, a boardwalk cafe, and outdoor dining. The Alibi will be opening on Memorial Day weekend for its Phase I opening. Phase II is to be completed by 2017.
2. The Water Club, located at Kentucky Avenue, closed in 2012 but was later re-opened. Boraie Development’s plans for Atlantic City include Ace, a $500 million luxury hotel. It will have 300 rooms and be located on the site of Bally’s Casino, which closed down earlier this year. Boraie Development’s plans for The Water Club include building a spa there as part of a renovation project for the nightclub/casino.
3. SugarHouse Casino, located in Philadelphia, has always been a significant attraction for Pennsylvania residents, who like to travel across the state line to gamble. Boraie Development is currently working on building SugarHouse’s new sixth casino floor, including a new high-limit table area and a buffet. The casino is scheduled to be completed in December 2018.
Wasseem Boraie, one of the founders of Boraie Development, said that Atlantic City was beautiful because it was one of the few cities benefiting from a casino rebound. There are still under-developed property spots available, and most importantly, it’s closer to New York than Las Vegas or Macau. Another essential fact about Atlantic City is that it does not have competition from other states on a neighboring state line.