Photo courtesy: Casino Reinvestment Development Authority
By Real Estate NJ
A development group’s plans to redevelop the shuttered Atlantic Club casino as a water park have reportedly fallen through after a large investor pulled its funding from the project.
A report Thursday by The Press of Atlantic City said the Ventnor-based firm, R&R Development Group LLC, failed to obtain the needed financing when a Chinese investment group pulled $35 million. The newspaper quoted the current owner, TJM Properties, which had acquired the former Boardwalk gaming hall after it closed in early 2014.
R&R Development announced plans last month to convert the Atlantic Club to a 100,000-square-foot, nongaming family resort with a water park, dining and entertainment as part of a more than $135 million investment. It aimed to reopen the property with more than 300 rooms by the fall.
The head of the firm, Ronald Young, told the Press, “It was my mistake to try to do a $135 million deal in 60 days.”
“You can’t sell a house in that period,” he told the newspaper. “I’m still committed to the property and bringing this to the Atlantic Club. I feel that this is the right vision for Atlantic City.”
For more, see Thursday’s story by The Press of Atlantic City.
