Bid To Turn Shuttered Atlantic City Casino Into Water Park Fails
The bid to turn the shuttered Atlantic Club Casino Hotel in Atlantic City into an indoor water park is officially off the table. The property’s owners flushed out the water park idea after the prospective buyer failed to make the first financing deadline.
It was exciting news for Atlantic City a group lead by investor Ronald Young announced in March that they had landed a $135 million deal to convert the closed casino into a family-friendly hotel and water park. TJM Properties, owners of the property, now blame Young and his group for letting down locals.
“We were a little annoyed they would make an announcement like that without making sure they had their financing, said TJM acquisitions director Dale Schooley. This marks the second time in two years that a water park deal fallen through for The Atlantic Club.
However, TJM says there is no bad news here. Schooley assures that there are several other buyers interested in the property, claiming they showed it four times just last week.
As for Young, he still wants a shot at the waterpark. “This is not over. I’m meeting all this week and next week to make a deal and go back and get The Atlantic Club,” Young told the Associated Press. He vowed to do “whatever it takes” to make the deal.
Young blames the short 60-day contract for his inability to close on the property. He is prepared to muster public support for his plan if TJM needs convincing.