Investors who have purchased one of Atlantic City’s defunct casinos are hoping to convert the property into a family-friendly, indoor water park and hotel.  

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Photo: AP Photo / Wayne Parry

Atlantic Club - The interior of the shuttered Atlantic Club in Atlantic City, N.J., is shown March 13. The former casino was purchased by developers who plan to transform it into a waterpark and hotel.

R&R Development Group announced it had purchased the Atlantic Club from TJM Properties on March 13, marking the third owner since it was shut down by Caesars Entertainment.

The pricetag on the property was not disclosed. Ronald Young and former Caesars Palace lawyer Robert Reilert are the forces behind R&R Development. The property, to be known as “Dolphin Village,” will feature 300 hotel rooms, an indoor water park, go-cart track and “world-class” arcade.

The renovation is expected to cost $135 million. “Mr. Young and his investors have a world-class indoor water park design that will be a great use for the Atlantic Club,” Atlantic City Mayor Don Guardian told Press of Atlantic City. “I spoke with Ronny Young this morning to congratulate him on closing the deal and assured him that my administration will continue to work with him to help bring back more jobs and ratables to Atlantic City for Atlantic City residents.”

Atlantic City’s hospitality industry has been floundering in recent years, as five casinos have closed since 2014. Of those closures, the former Showboat casino is now a sans-gambling hotel and what was Trump Taj Mahal is being transformed into a new Hard Rock International casino.

Young said there are no plans to include gambling at the renovated property and the goal is to provide a family-friendly environment.

The water park will reportedly be run by S&L Hospitality.

“The hotel will feature important restaurants and entertainment venues that will host many family-oriented activities and entertainment events year-round,” Young said. “Where can a high-roller send his kids? … This complements every casino in the city.”