Penthouse had previously engaged in the casino business, but had not been successful. Coking house at 127 S Columbia Pl, between the steel framework of the planned Penthouse Boardwalk Hotel and Casino photographed by Jack Boucher for Historic American Buildings Survey, c.1991

Owner Bob Guccione had made some wildly optimistic predictions in a 1978 interview regarding the casino, saying that a gaming license would be issued in six months, that the casino would open that year, and that another casino (on the site of the Mayflower Hotel) would open the following year. Initial construction of the project began in 1978, but was halted in 1980 due to financing problems and gaming licensing difficulties. The hotel-casino was to be built by Boardwalk Properties, Inc., a wholly owned subsidiary of Penthouse International, Inc., the publisher of Penthouse magazine. Due to financial and legal difficulties, the hotel was never completed and a casino license was never issued. The Penthouse Boardwalk Hotel and Casino was a proposed hotel and casino that was to be built in Atlantic City, New Jersey, between Pacific Ave, South Missouri Ave, Columbia Place and Boardwalk, during the late 1970s.

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