After years of operating and leasing the Steel Pier from Trump Entertainment, the Catanoso family, along with its partners, has officially purchased the site and name.
ATLANTIC CITY — Steel Pier Associates, LLC, it was announced late Wednesday, Aug. 3, has become the new and latest owner of Atlantic City's famed Steel Pier, an amusement park with a rich history, which resides on the Atlantic City Boardwalk.
After years of speculation with regard to the sale of the pier, Steel Pier Associates purchased the venue from Trump Entertainment Group, Inc. on Wednesday, "weeks before it was to be presented at a special auction," according to release sent to the media.
The 1,000-foot pier, its buildings, a full-scale heliport, and the rights to the name, Steel Pier, are all included in the sale, the amount of which has not yet been disclosed.
The principals of Steel Pier Associates, the company that now owns the Steel Pier, include the Catanoso brothers -- Anthony, Charles and William, "as well as long-standing partner, Ed Olwell, all of whom have been the leaders of the companies leasing and operating Steel Pier for the past 20 years," states the media release.
A new partner with the company is Paul Steelman, an internationally acclaimed entertainment architect, best known for designing the Sands Macao, the first Las Vegas Style casino in Asia.
“This purchase means more to us than just owning the structure on which we operate an amusement park,” Anthony Catanoso, president of Steel Pier Associates said in the news release. “For us, it’s an honor to own something that has touched and entertained so many people over the years.”
Catanoso added that there will be changes in the future now that the sale is final.
“As a lease holder, we were unable to make long-term plans. As the owner of Steel Pier, we now have some amazing opportunities that we will be evaluating for the future,” said Catanoso.
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