UNITED STATES
                         SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D. C. 20549

                                      FORM 10-Q

(Mark One)

[X]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

     For the quarterly period ended September 30, 1995 Or

[ ]  Transition Report Pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

     For the transition period from __________________ to_________________


                          Commission file number   33-27399


                       ATLANTIC CITY BOARDWALK ASSOCIATES, L.P.

_____________________________________________________________________________
              (Exact name of registrant as specified in its charter)



             New Jersey                              22-2469174
(State or other jurisdiction of                   (I.R.S. Employer
incorporation or organization)                   Identification No.)


       Indiana Avenue & the Boardwalk, Atlantic City, New Jersey   08401
_____________________________________________________________________________
                (Address of principal executive offices)         (Zip Code)


                                   (609) 340-3400
_____________________________________________________________________________
              (Registrant's telephone number, including area code)


      Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 13 or 15 (d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.     Yes [X]    No [ ]




                         ATLANTIC CITY BOARDWALK ASSOCIATES, L.P.

                                       INDEX


PART I                  FINANCIAL INFORMATION                       Page No.

        Item 1.   Financial Statements

                  Introductory Note to Financial Statements            2

                  Balance Sheets As of September 30, 1995 and
                  December 31, 1994                                    3

                  Statements of Operations For the Three-Month
                  and Nine-Month Periods Ended September 30, 1995
                  and 1994                                              4

                  Statements of Changes in Partners' Capital 
                  Accounts (Deficit) For the Nine Months Ended 
                  September 30, 1995 and the Year Ended
                  December 31, 1994                                      5

                  Statements of Cash Flows For the Nine Months Ended
                  September 30, 1995 and 1994                            6

                  Notes to Financial Statements                          7-8

        Item 2.   Management's Discussion and Analysis of
                  Financial Condition and Results of Operations          9 -10

PART II                             OTHER INFORMATION

        Items 1-5 No information is provided as the answers
                  to Items 1 through 5 are inapplicable.

        Item 6    Exhibits and reports on Form 8-K                       10




                                      PART I

Item 1.  Financial Statements

Introductory Note to Financial Statements

The accompanying financial statements have been prepared by
Atlantic City Boardwalk Associates, L.P. ("Partnership") without
audit, pursuant to the rules and regulations of the Securities
and Exchange Commission.  In the opinion of management, these
financial statements contain all adjustments necessary to present
fairly the financial position of the Partnership as of September
30, 1995 and December 31, 1994, the results of operations for the
three and nine months ended September 30, 1995 and 1994, and the
cash flows for the nine months ended September 30, 1995 and 1994.

Although management believes that the disclosures included herein
are adequate to make the information contained herein not
misleading, certain information and footnote disclosure normally
included in financial statements prepared in accordance with
generally accepted accounting principles are omitted herein and
are incorporated by reference to the Partnership's Annual Report
on Form 10-K for the year ended December 31, 1994 filed with the
Securities and Exchange Commission.




                   ATLANTIC CITY BOARDWALK ASSOCIATES, L.P.
                                 Balance Sheets
                As of September 30, 1995 and December 31, 1994

<TABLE>
                                                           
                                            (Unaudited)  
          Assets                               1995          1994
<S>                                         <C>          <C>             
Current assets:                                            
  Cash and cash equivalents                 $1,466,000   1,664,000
  Rent due from New Claridge                   211,000     206,000
  Interest receivable from partners             51,000      26,000
  Prepaid expenses                             457,000     248,000
  Other assets                                 246,000     170,000
                                             _________   _________  
       Total current assets                  2,431,000   2,314,000
                                           ___________ ___________
Hotel Assets                               179,830,000 177,682,000
Less:  Accumulated depreciation and         92,420,000  87,541,000
       amortization                        ___________ ___________  
                                                           
       Net Hotel Assets                     87,410,000  90,141,000
                                            __________  __________
Note receivable from New Claridge,
  including accrued interest of 
  $2,718,000 and $2,394,000 in 1995
  and 1994, respectively                     6,318,000   5,994,000   
Deferred rent from New Claridge             40,433,000  41,454,000
Intangibles, net of accumulated 
amortization of $3,494,000 and 
$3,399,000 in 1995 and 1994, 
respectively                                   311,000     406,000
                                           ___________ ___________ 
                                          $136,903,000 140,309,000
                                          ============ ===========

                Liabilities and Partners' Capital Accounts
                                                           
Current liabilities:                                       
  Accounts payable                            $1,587,000   1,190,000
  Accrued interest due New Claridge            1,296,000   1,384,000
  Current portion of long-term debt due                    
  principally to New Claridge                 13,607,000  12,055,000
                                              __________  __________
       Total current liabilities              16,490,000  14,629,000
                                              __________  __________   
Long-term debt due principally to New                      
Claridge, including accrued interest of
$20,000,000 in 1995 and 1994                 106,917,000 114,268,000
                                             ___________ ___________ 
Partners' capital accounts (deficit):                      
  New general partners                            51,000      30,000
  Former general partners                        140,000     127,000
  Special limited partners                      (241,000)   (261,000)
  Investor limited partners                   13,546,000  11,516,000
                                              __________  __________
     Total partners' capital accounts         13,496,000  11,412,000
                                                           
Commitments and contingencies               ___________   ___________  
                                           $136,903,000   140,309,000
                                            ===========   ===========  
</TABLE>

               See accompanying notes to financial statements.


                       ATLANTIC CITY BOARDWALK ASSOCIATES, L.P.
                                Statements of Operations
                                        (Unaudited)

<TABLE>
                                               
                               Three Months Ended      Nine Months Ended
                                 September 30,           September 30,
                               1995          1994      1995         1994
<S>                           <C>        <C>        <C>         <C>           
Revenues:                    
Rent from New Claridge
  for the lease of Hotel     
  Assets                    $ 9,543,000  9,345,000  28,829,000  27,613,000
Interest from New Claridge      108,000    108,000     324,000     324,000
Interest from Special           
  Limited Partners                9,000      9,000      27,000      27,000
Investment                       32,000     21,000      98,000      57,000
Other                               -       10,000         -        10,000
                              _________  _________  __________  __________
                              9,692,000  9,493,000  29,278,000  28,031,000
                              _________  _________  __________  __________
Expenses:                                                
Cost of maintaining and 
   repairing Hotel Assets,
   paid to New Claridge        2,968,000  2,900,000   8,720,000   8,415,000
Interest, principally on                                
   mortgages to New Claridge   4,167,000  4,536,000  12,918,000  13,446,000
General and administrative       104,000     97,000     462,000     590,000
General Partners' management
   fee                            33,000     33,000      98,000      98,000
Depreciation and amortization  1,671,000  1,599,000   4,996,000   4,526,000
                               _________  _________  __________  __________   
                               8,943,000  9,165,000  27,194,000  27,075,000     
                               _________  _________  __________  __________  
Net income                   $   749,000    328,000   2,084,000     956,000
                               =========  =========   =========  ==========
Net income per limited             
partnership unit (450 units
outstanding at the end of
each period)                 $     1,636        718       4,556       2,091
                              ==========   ========    ========   =========


                  See accompanying notes to financial statements.

</TABLE>




                      ATLANTIC CITY BOARDWALK ASSOCIATES, L.P.

           Statements of Changes in Partners' Capital Accounts (Deficit)

                    For the Nine Months Ended September 30, 1995
                         and the Year Ended December 31, 1994


<TABLE>
                                            Special    Special    Investor    Investor    Totals  
                        New       Former    Limited    Limited    Limited     Limited     Partners' 
                      General     General   Partners   Partners   Partners    Partners    Capital
                      Partners    Partners  Class A    Class  B   Class A     Class B     Accounts
<S>                    <C>        <C>       <C>        <C>        <C>         <C>         <C>      
                                                     
Partners' Capital                                                           
Accounts (Deficit)
December 31, 1993      $12,000    116,000   (18,000)   (260,000)  2,380,000   7,400,000   9,630,000

Net income              18,000     11,000     1,000      16,000     426,000   1,310,000   1,782,000
                        ______    _______    _______    ________   ________   _________   _________
Partners' Capital                                                   
Accounts (Deficit)
December 31, 1994       30,000    127,000   (17,000)   (244,000)  2,806,000   8,710,000  11,412,000

Net income
(unaudited)             21,000     13,000     1,000      19,000     498,000   1,532,000   2,084,000
                        ______    _______    ______     _______   _________   _________  __________  
Partners' Capital                                                          
Accounts (Deficit),
September 30, 1995
(unaudited)            $51,000    140,000   (16,000)   (225,000)  3,304,000   10,242,000 13,496,000
                        ======    =======   ========   =========  =========   ========== ==========  


                       See accompanying notes to financial statements.


</TABLE>






                     ATLANTIC CITY BOARDWALK ASSOCIATES, L.P.

                            Statements of Cash Flows
                                   (Unaudited)

             For the Nine Months Ended September 30, 1995 and 1994

<TABLE>
                                                       1995            1994
<S>                                                  <C>            <C>       
Cash flows from operating activities:                      
  Net income                                         $2,084,000       956,000
     Adjustments to reconcile net income to                
     net cash provided by operating activities:
        Depreciation and amortization                 4,996,000     4,526,000
        Accretion of discount on mortgage note          863,000       850,000
        Loss on disposal of assets                       47,000       172,000
        Deferred rent                                 1,021,000     1,424,000
        Deferred interest on receivable from          
          New Claridge                                 (324,000)     (324,000)

Change in current assets andliabilities:
          (Increase) in rent due from New Claridge,
            interest receivable from partners,   
            prepaid expenses and other assets           (315,000)    (213,000) 
          Increase in accounts payable and                 
            accrued interest due New Claridge            309,000      129,000
                                                        ________    _________ 
            Net cash provided by operating activities  8,681,000    7,520,000
                                                       _________    _________ 
Cash flows from investing activities:                      
     Purchase of Hotel Assets                         (1,682,000)   (9,118,000)
     Proceeds from sale of Hotel Assets                   22,000        10,000
                                                      __________   ___________
           Net cash used in investing activities      (1,660,000)  (9,108,000)  
                                                      ___________  ___________
Cash flows from financing activities:                      
  Proceeds of borrowings from New Claridge              1,983,000    9,240,000
  Principal payments of debt, principally to
  New Claridge                                         (9,202,000)  (7,784,000)
                                                       ___________  ___________
            Net cash (used in) provided by 
            financing activities                       (7,219,000)   1,456,000
                                                       ___________   _________

Net decrease in cash and cash equivalents                (198,000)    (132,000)
Cash and cash equivalents, beginning of period          1,664,000    1,481,000
                                                        _________    _________
Cash and cash equivalents, end of period               $1,466,000    1,349,000
                                                        =========    ========= 
Supplemental cash flow information:                        
  Interest paid                                       $12,466,000   12,775,000
                                                       ==========   ==========
Supplemental noncash investing and financing               
activities:
   Capital lease obligation incurred to
   acquire Hotel Asset                                $   557,000         -
                                                       ==========    =========  
  Trade-in value on purchase of Hotel Assets          $      -          68,000
                                                       ==========    =========

</TABLE>

            See accompanying notes to financial statements.


             ATLANTIC CITY BOARDWALK ASSOCIATES, L.P.
                  NOTES TO FINANCIAL STATEMENTS
                          (Unaudited)
    



(1)  The Partnership

     Atlantic City Boardwalk Associates, L.P. ("Partnership") was
     formed on October 31, 1983 to acquire the buildings, parking
     facility and non-gaming depreciable, tangible property
     (collectively, "Hotel Assets") of The Claridge Hotel and
     Casino ("Claridge") located in Atlantic City, New Jersey; to
     hold a leasehold interest in the land on which the Claridge
     is located ("Land"), which Land was subsequently acquired by
     the Partnership as part of a financial restructuring
     ("Restructuring Agreement"); and to engage in activities
     related or incidental thereto.  The Partnership leases the
     Land and Hotel Assets to The Claridge at Park Place,
     Incorporated ("New Claridge"), a wholly-owned subsidiary of
     The Claridge Hotel and Casino Corporation ("Corporation"),
     under operating leases.

(2)  Financial Condition of the Partnership and New Claridge

     The ability of the Partnership to fulfill its obligations is
     dependent upon the ability of New Claridge to pay rental
     payments when due.  Accordingly, the financial stability of
     the Partnership is dependent upon the financial condition of
     New Claridge.

     On January 31, 1994, the Corporation completed an offering
     of $85 million of First Mortgage Notes due in 2002, bearing
     interest at 11 3/4%.  A portion of the net proceeds of $82.2
     million, after deducting fees and expenses, was used to
     repay in full the Corporation's outstanding debt under the
     loan agreement with its bank lenders ("Loan Agreement"),
     including the outstanding balance of the Corporation's
     revolving credit line.  The Notes come due on February 1,
     2002.  Interest on the Notes is payable semiannually on
     February 1 and August 1 of each year, commencing August 1,
     1994.  In conjunction with the full satisfaction of the Loan
     Agreement, the Corporation's revolving credit line
     arrangement was terminated.

     The Corporation had a net loss of $166,000 for the nine
     months ended September 30, 1995 compared to a net loss of
     $4,456,000 for the same period in 1994.  The net loss in
     1995 is due primarily to increased interest expense with
     regard to the $85 million of Notes discussed above.  The net
     loss incurred in 1994 is due to many factors.  During 1994,
     revenues were adversely affected by severe snow and ice
     storms experienced throughout the Northeastern United
     States.  New Claridge's dependency on customers arriving by
     bus, its focus on the New York and Northern New Jersey
     markets as well as its lack of a covered self-parking
     facility contributed to the reduced revenues.  New Claridge
     also experienced a decline in slot revenues as well as an
     increase in operating expenses.  The decline in slot
     revenues was due in part to a reduction in the number of
     slot machines available to patrons during June 1994, as a
     result of the movement of these machines into the newly-
     constructed expansion of the casino floor space.  New
     Claridge incurred additional operating costs associated with
     the direct marketing programs related to the new casino
     expansion.  Additional interest expense was also incurred as
     a result of the offering of the $85 million of Notes
     discussed above.
     
     The ownership and operation of casino-hotel facilities in
     Atlantic City are subject to extensive state regulation
     under the Casino Control Act under the direction of the New
     Jersey Casino Control Commission ("Commission").  The Casino
     Control Act provides that various categories of entities
     must hold appropriate casino licenses. The Partnership
     currently operates under a three-year casino service
     industry license effective October 31, 1992, while New
     Claridge operates under a four-year casino operator's
     license effective September 30, 1995.  As of September 30,
     1995 the Partnership had applied with the Commission for
     license renewal.  The general partners do not anticipate any
     problems renewing the Partnership's license.


(3)  Contingencies
     
     The Restructuring Agreement provides for Del Webb
     Corporation ("Webb") to retain an interest equal to $20
     million plus interest from December 1, 1988 at the rate of
     15% per annum compounded quarterly ("Contingent Payment") in
     any proceeds ultimately recovered from the operations and/or
     the sale or refinancing of the Claridge facility in excess
     of the First Mortgage loan and other liabilities.  To give
     effect to this Contingent Payment, the Corporation and the
     Partnership agreed not to make any distributions to the
     holders of their equity securities, whether derived from
     operations or from sale or refinancing proceeds, until Webb
     had received the Contingent Payment.
     
     On April 2, 1990, Webb transferred its interest in the
     Contingent Payment to an irrevocable trust for the benefit
     of the United Way of Arizona.  The Corporation is currently
     negotiating to purchase the Contingent Payment, for less
     than face value, from the trustee for the United Way of
     Arizona.  As of September 30, 1995 accrued interest amounts
     to approximately $34.7 million.


Item 2.   Management's Discussion and Analysis of Financial Condition
          and Results of Operations

Results of Operations for the Three-Month and Nine-Month Periods Ended
September 30, 1995 as Compared to the Three-Month and Nine-Month Periods
Ended September 30, 1994

Rental income for the three months ended September 30, 1995 increased
$198,000 as compared to the three months ended September 30, 1994, and
$1,216,000 for the nine months ended September 30, 1995 as compared to
the nine months ended September 30, 1994.  New Claridge pays as
additional rent, certain expenses and debt service relating to
furniture, fixture and equipment replacements and building
improvements ("FF&E").  As a result of the 1994 casino expansion at
the Claridge, the Partnership's debt service relating to FF&E was
higher in 1995 than in 1994, resulting in increased rents in 1995.

The Partnership has an agreement with New Claridge whereby New
Claridge provides facility and maintenance and engineering services
for the Claridge.  The agreement calls for the reimbursement of the
actual facilities and maintenance costs incurred on the Partnership's
behalf.  The cost of maintaining and repairing Hotel Assets increased
$68,000 and $305,000, respectively, during the three- and nine-month
periods ended September 30, 1995 as compared to the same periods in
1994.  These increases are due to an increase in New Claridge's
maintenance and engineering salaries and wages and payroll related
expenses as well as a general increase in the cost of maintaining the
building due to the 1994 expansion.

General and administrative expenses for the three months ended
September 30, 1995 increased $7,000 as compared to the three months
ended September 30, 1994.  This increase is due to an increase in
director's and officer's liability insurance premium.  During the nine
months ended September 30, 1995 general and administrative expenses
decreased $135,000 as compared to the same period in 1994.  During
both of these periods a loss on the disposal of assets was recorded
and included in general and administrative expenses.  The Partnership
incurred a $172,000 loss on the disposal of assets during 1994 as
compared to a $47,000 loss during 1995, explaining the decreased
expense for the nine months ending September 30, 1995 as compared to
the same period in 1994.

Liquidity and Capital Resources

Current lease payments from New Claridge are sufficient to pay the
Partnership's debt service and operating expenses.  As part of the
Restructuring Agreement, rental payments in excess of monthly cash
flow requirements are deferred or abated so that excess cash does not
accumulate in the Partnership.  At the Closing of the restructuring
the Partnership loaned New Claridge $3.6 million.  The note, including
interest, along with those rentals deferred under the amendment to the
operating leases, will be repaid to the Partnership upon (i) the sale
or refinancing of the Claridge; (ii) upon full or partial satisfaction
of the Expandable Wraparound Mortgage; and (iii) upon full
satisfaction of any first mortgage then in place.

Per the  terms of an amendment to the Operating Lease Agreement
executed as of August 1, 1991, during the years 1991 to 1998
contractual rents in excess of debt service and Partnership expenses
can be abated up to $38,820,000 in the aggregate but not in excess of
$10,000,000 in any one calendar year.  Prior to this amendment,
scheduled rents totaling $39,820,000 were to be abated beginning in
1992 through the end of 1999.  Cumulative abated rents as of September
30, 1995 total approximately $26,950,000, leaving $11,870,000 still to
be abated in the future.  The amount which will be abated in future
periods cannot be determined until the Partnership incurs expenses and
debt service in those periods.

The Partnership funds the purchase of additional Hotel Assets by
borrowing funds, at a 14% interest rate, from New Claridge.  The
ensuing notes are secured under the Expandable Wraparound Mortgage up
to $25 million.  Principal and interest on these notes are then
reimbursed to the Partnership through additional rentals from New
Claridge.  Under the Operating Lease, New Claridge is required to
reimburse the Partnership for all taxes, assessments, insurance and
general and administrative costs of the Partnership.

The ability of the Partnership to continue to fulfill its obligations
is dependent upon the ability of New Claridge to continue to make
rental payments when due.  On January 31, 1994, the Corporation
completed an offering of $85 million of First Mortgage Notes due in
2002, bearing interest at 11 3/4%.  A portion of the net proceeds of
$82.2 million, after deducting fees and expenses, was used to repay in
full the Corporation's outstanding debt under the Loan Agreement,
including the outstanding balance of the Corporation's revolving
credit line.  The Notes come due on February 1, 2002.  Interest on the
Notes is payable semiannually on February 1 and August 1 of each year,
commencing August 1, 1994.  In conjunction with the full satisfaction
of the Loan Agreement, the Corporation's revolving credit line
arrangement was terminated.

The ownership and operation of casino-hotel facilities in Atlantic
City are subject to extensive state regulation under the Casino
Control Act under the direction of the New Jersey Casino Control
Commission.  The Casino Control Act provides that various categories
of entities must hold appropriate casino licenses. The Partnership
currently operates under a three-year casino service industry license
effective October 31, 1992, while New Claridge operates under a four-
year casino operator's license effective September 30, 1995.  As of
September 30, 1995 the Partnership had applied with the Commission for
license renewal.  The general partners do not anticipate any problems
renewing the Partnership's license.

The Partnership had a working capital deficiency of approximately
$14,059,000 as of September 30, 1995 and $12,315,000 as of December
31, 1994.  The working capital deficiency primarily results from the
consummation of the Restructuring Agreement.  As part of the
restructuring, the Partnership's cash flow was reduced to an amount no
greater than what the Partnership needs to pay Partnership expenses,
including debt service.  Thus, so long as the Claridge is financially
viable and continues to make all payments under the operating leases,
the Partnership expects to be able to pay its current liabilities.

PART II

Item 6. Exhibits and reports on Form 8-K

        (a)  Not applicable.
        (b)  No reports on Form 8-K were filed during the quarter
ended September 30, 1995.

                            SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.

                              Atlantic City Boardwalk Associates, L.P.
                                             Registrant





Date       November 13, 1995
                                /s/  Anthony C. Atchley
                                by  Anthony C. Atchley, General Partner



Date       November 13, 1995

                                /s/  Gerald C. Heetland
                                by  Gerald C. Heetland, General Partner



Date       November 13, 1995    /s/  Anthony C. Atchley
                                by  AC Boardwalk Partners Corporation, 
                                General Partner
                                by  Anthony C. Atchley, President