Warning that “time has nearly run out,” the owner of the Sheraton Atlantic City Convention Center Hotel says the meetings hall across the street is not generating enough business to keep a 500-room hotel open.
Tom Scannapieco, managing member of LINY Investor LLC, said there is no viable plan on the table to save the Sheraton other than its application for a state tax break under the ASPIRE program.
If the Sheraton does not get that tax break, it will close Dec. 15, Scannapieco said, reiterating a threat first made in September.
His comments come after Atlantic County Executive Dennis Levinson floated the possibility of the county providing financing to keep the hotel open, provided that taxpayers are paid back with interest.
