For the second time, plans to build a water park at the former Atlantic Club (Atlantic City Hilton, Golden Nugget and Bally’s Grand at various times) have collapsed. Announced two months ago by R&R Development of Ventnor, New Jersey, the 60-day deadline to raise the necessary funds expired last week.
Ronald Young, head of R&R, explained that a Chinese group that had pledged $35 million unexpectedly pulled out last week.
“It was my mistake to try to do a $135 million deal in 60 days. You can’t sell a house in that period,” Young told the Atlantic City Press. “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.”
The owner of the former Atlantic Club, TJM Properties of Florida, said it had other offers on the property and would move on to the next opportunity.
We have multiple groups looking to purchase the property and are excited by the amount of interest,” said TJM Vice President of Acquisitions Dale Schooley.
