The Atlantic City skyline — Courtesy: Casino Reinvestment Development Authority/Bob Krist
By Joshua Burd
Another shuttered Atlantic City casino could find new life under a plan unveiled Monday by a local developer.
Published reports say R&R Development Group LLC has agreed to buy the Atlantic Club, which closed in early 2014, and turn it into a 100,000-square-foot, nongaming family resort with a water park, dining and entertainment. The Ventnor-based firm reportedly aims to invest more than $135 million in the project and reopen the property with more than 300 rooms by the fall.
Ronald Young, managing partner with the firm, said construction could take 12 to 24 months, according to The Press of Atlantic City.
The project would come more than three years after the Atlantic Club became the first of four Boardwalk gaming halls to close in Atlantic City. Starting about a decade ago, the resort town saw a precipitous decline in gaming revenue as nearby states legalized casino development.
But two of those properties have seemingly been given a second chance. Developer Bart Blatstein has reopened Showboat as a nongaming hotel, while Hard Rock International and its partners announced last week that they planned to buy and reopen the defunct Trump Taj Mahal.
Caesars Entertainment took control of the Atlantic Club after the casino ceased operations in 2014, before selling it to Clearwater, Florida-based TJM Properties. The new owner has now agreed to sell the former casino to R&R Development for an undisclosed price, published reports say, although TJM will continue to hold an ownership stake.
For more, see Monday’s story by The Press of Atlantic City.