The Associated Press reports the $135 million deal fell through when the buyers admitted they did not secure the financing necessary to finalize the purchase.
Atlantic Club owners “annoyed” by premature announcement
The buyers were required to have their financing finalized by Monday. The group, R&R Development, missed the due date. As a result, the deal with Atlantic Club’s current owners, TJM Properties, fell through.
“We were a little annoyed they would make an announcement like that without making sure they had their financing,” Dale Schooley, TJM’s director of acquisitions, told the AP.
Schooley did say the company was already showing the venue to several potential new buyers. Meanwhile, R&R representative Ronald Young insists there is still hope for the water park project.
“This is not over. I’m meeting all this week and next week to make a deal to go back and get The Atlantic Club. I’m not quitting. I’ll do whatever it takes to make this deal,” he said.
Young has tried and failed to bring a water park to Atlantic City before. R&R previously attempted to acquire Bader Field to turn into a water park and marina facility.
Bader Field is the now-defunct municipal airport. The city currently owns the airfield. Last fall, the city attempted to auction off the property, but bids fell through. The most recent acquisition discussions center around Stockton University using the area for marine research.
Second failed water park deal in two years
This is not the first time Atlantic Club owners TJM Properties saw a deal for the property fall through. In 2015, a Pennsylvania group tried to purchase the property with hopes of converting it into a water park as well.
The deal fell through last January for the same reasons this most recent deal fell through–a lack of financing.
TJM acquired the casino property in 2014. The site has operated under several names besides Atlantic Club, including:
- Golden Nugget
New plan included many amenities, but no casino
R&R Development announced its plan to buy the Atlantic Club in March. The group planned to convert it into an entertainment facility and hotel called Dolphin Village at Atlantic Club.
The plans included:
- Water park
- Go-kart track
- Large arcade
- Over 300 hotel rooms
The plan specifically did not include a casino on property to ensure a family-friendly operation.
The water park was the latest in a series of non-casino attractions proposed for the Boardwalk. While the water park is on hold for the moment,others, like the upcoming observation wheel, are still on track.