ATLANTIC CITY -- A second company will attempt to turn a vacant Atlantic City casino into a huge indoor water park and hotel, the mayor's office said.
R&R Development Group, LLC of Ventnor on Monday announced it agreed to buy the Atlantic Club, a former boardwalk hotel-casino, from TJM Properties Inc. of Clearwater, Fla, officials said.
The group wants to restore the hotel and construct a 100,000-square foot indoor water park and family entertainment center so children have something to do while their parents gamble, PressofAtlanticCity.com said.
Ronny Young of R&R previously tried to put together a deal to build a similar facility at Bader Field before it fell through.
"I met with Ronny Young more than a year ago, as he brought investors together for a possible major waterpark and hotel facility at Bader Field," Atlantic City mayor Don Guardian said in a statement. "Unfortunately, that deal did not consummate at the time. However, I believe that this new location and timing are much better to assure success."
TJM paid $13.5 million in May 2014 to buy the Atlantic Club from an affiliate of Caesars Entertainment.
Last year, a Pennsylvania company's plan to buy the Atlantic Club and turn it into a water park fell didn't work out, either.
The Atlantic Club opened in December 1980 as the Golden Nugget, owned at the time by casino magnate Steve Wynn. It soon became Atlantic City's top-earning casino, and its TV commercials featured Wynn bringing fresh towels to Frank Sinatra, who often performed there.
But over the years, as the Atlantic City casino market expanded, the casino changed hands several times and went through a series of names: The Grand, Bally's Grand, the Atlantic City Hilton, ACH and finally the Atlantic Club.
It closed in January 2014 and has been vacant since.
Jeff Goldman may be reached at jeff_goldman@njadvancemedia.com. Follow him on Twitter @JeffSGoldman. Find NJ.com on Facebook.