Steel Pier Is For Sale: A Landmark, a Family Legacy, and the Reality of Keeping the Rides Running

Hey Folks,

If you’ve ever taken my Boardwalk Tram Tour, you know I always have something to say when we roll past Steel Pier. I talk about its incredible history, the entertainers who performed there, the generations of families who made memories there, and my good friend Anthony Catanoso and his family’s role in keeping this Atlantic City institution alive. So when I heard the news that Steel Pier was officially on the market for $85 million, it caught my attention. Not because of the price tag alone, but because I know there’s a much bigger story behind that headline. This is about a family that has dedicated decades to an Atlantic City landmark, the challenges of operating a seasonal amusement park, and what the future might hold for one of the most recognizable attractions on our Boardwalk.

The Catanoso Family’s Long History With Steel Pier

Anthony and the Catanoso family have been involved with Steel Pier since the early 1990s. They spent nearly two decades operating the attraction before an ownership group that included Anthony and his brothers purchased the property in 2011 for approximately $4.25 million. Over the years, they invested in the pier, introduced new attractions, made improvements and brought us that magnificent Observation Wheel that has become such a recognizable part of the Atlantic City skyline. Think about what that represents. They took a historic attraction that had already experienced fires, changing ownership, economic challenges and countless transformations, and continued finding ways to give visitors a reason to come back. That kind of commitment deserves recognition, especially when you consider how much the amusement industry has changed over the years.

I’ve known Anthony for years, and one of the reasons I talk about him on my tram tour is that I believe the people behind our attractions are just as important as the attractions themselves. Steel Pier isn’t simply a collection of rides sitting out over the Atlantic Ocean. It’s part of our identity. When families come to Atlantic City, they want more than a casino or a hotel room. They want the beach, the Boardwalk, the restaurants, the entertainment and those experiences that become family traditions. Steel Pier has been providing those memories for generations, and the Catanoso family has played an important role in continuing that tradition.

The Reality of Running a Seasonal Amusement Park

Now, here’s something I think we need to talk about, because it’s easy to get sentimental about these places without appreciating what it actually takes to keep them operating. Running an amusement park at the Jersey Shore is not an easy business. You have a relatively short peak season, roughly four months when you’re counting on the summer crowds, and a lot of expenses that don’t disappear when the tourists go home. You have employees to hire and train, equipment to maintain, insurance, inspections, utilities, repairs and the constant need to introduce something new to keep visitors coming back. Put all of that on a pier sitting over salt water, exposed to the ocean and the weather year-round, and you begin to understand why operating one of these attractions is such a tremendous undertaking.

We don’t have to look very far to see just how difficult this business can be. In October 2024, Gillian’s Wonderland Pier in Ocean City closed after generations of entertaining families on that Boardwalk. Jay Gillian publicly explained that the business was no longer financially sustainable, pointing to years of challenges that included Superstorm Sandy, the pandemic and rising operating costs. It was a heartbreaking moment for people who grew up visiting Wonderland, but it was also a reminder that nostalgia alone doesn’t pay the bills. I don’t bring that up to suggest Steel Pier is facing the same circumstances, because we have no evidence of that. I bring it up because the reality of operating a seasonal amusement park deserves to be part of the conversation whenever we talk about the future of these beloved Shore attractions.

And that’s where I think we need to give Anthony and his family some credit. They’ve spent decades operating an amusement park in an industry that demands constant investment, tremendous patience and a willingness to adapt. Visitors see the lights, the rides, the games and the excitement. They don’t necessarily see everything that has to happen behind the scenes to make those experiences possible. When you consider the relatively short summer season and the year-round responsibilities of maintaining a property like Steel Pier, you can appreciate the magnitude of what the family has taken on.

So Why Is Steel Pier For Sale?

According to the real estate representatives handling the listing, the next generation of the family is pursuing other interests, and the family is looking toward the property’s future. The asking price is $85 million, and the property offers possibilities beyond its current amusement park operation. But I’m not going to spend this newsletter talking about development rights, square footage and what somebody might build out over the ocean. There are plenty of real estate people who can have that conversation. What interests me is what this means for Atlantic City, the people who have dedicated their lives to Steel Pier, and the families who still enjoy visiting it.

I also want to clear up something important. Steel Pier being for sale does not mean Steel Pier has announced it is closing. Those are two very different things, and we shouldn’t jump to conclusions about what happens next. A future owner could continue the amusement operation, introduce new attractions or pursue an entirely different vision for the property. Until there’s an actual sale and an announcement about the future, it’s all speculation. I certainly hope whatever comes next recognizes the importance of Steel Pier to Atlantic City, but I also understand that whoever takes on this property will have to make the numbers work. We can love our history and still recognize the economic realities of maintaining it.

A Landmark That Has Seen Atlantic City Change

Steel Pier opened in 1898 and became known as the “Showplace of the Nation.” Over the years, it welcomed legendary entertainers, big bands, famous attractions and millions of visitors. Frank Sinatra performed there, the Diving Horse became part of its folklore, and generations of families walked through its gates. Think about how much Atlantic City has changed since 1898. The hotels, the casinos, the Boardwalk and even the way people vacation have all evolved, yet Steel Pier has continued finding ways to remain part of the experience. That’s a remarkable history, and it’s one worth remembering as we consider what the future might bring

One of my favorite parts of doing the Boardwalk Tram Tour is sharing these stories with people who might otherwise pass right by without knowing what they’re looking at. When we roll past Steel Pier, I want visitors to understand that there’s more out there than a Ferris wheel and a few amusement rides. There’s a history of entertainment, entrepreneurship, family traditions and people like Anthony Catanoso who have devoted a significant part of their lives to keeping an Atlantic City landmark going. That’s the story I want people to remember, regardless of what eventually happens with the sale.

Looking Ahead With Hope — and a Little Realism

I’ve always believed in Atlantic City, and I still do. But believing in a place doesn’t mean pretending everything is easy. The Shore tourism business is competitive, operating costs continue to matter, and the way people spend their vacation dollars keeps changing. If we want attractions like Steel Pier to remain part of our community, we need to recognize both their historical importance and the business realities behind them. That means supporting our local attractions, visiting them, bringing our families and understanding that these businesses need customers, not just fond memories.

For now, Steel Pier remains an Atlantic City attraction, and you can visit the official Steel Pier website for current operating information. If you haven’t been out there in a while, consider making a visit. Take a ride, enjoy the view, bring the kids or grandkids, and appreciate what we have right here on the Boardwalk. You don’t need to wait until something becomes a memory to appreciate it.

Whatever happens next, I want to recognize my friend Anthony and the Catanoso family for their decades of involvement with Steel Pier. They’ve been part of an important chapter in Atlantic City’s history, and that shouldn’t get lost in a conversation about an $85 million asking price. I’m hopeful that Steel Pier’s next chapter will be a positive one for Atlantic City, and I’ll be following the story closely. In the meantime, the next time we roll past Steel Pier on the tram, you can bet I’ll have plenty more to say about it.

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If someone forwarded this newsletter to you, be sure to subscribe and join us each week for local stories, events and my perspective on what’s happening around the Shore. And if you see me on the Boardwalk, say hello. Maybe we’ll take a ride on the tram and talk a little Atlantic City history together.

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AC Mike

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