R&R Development Group, LLC has entered into an agreement to purchase the shuttered Atlantic Club, the company said in a statement.
The group plans to construct an indoor water park on the adjacent land, as well as a large-scale family entertainment center, according to a release from the Ventnor-based company.
TJM Properties Inc., of Clearwater, Florida, purchased the Atlantic Club property from an affiliate of casino giant Caesars Entertainment Corp. in May 2014 for $13.5 million. TJM did not immediately return calls seeking comment on the proposed sale.
“The Group will also refurbish the Steve Wynn designed and built hotel facility to restore it to its original glory, when it was the leading hotel property in Atlantic City,” according to a statement from the company. “The hotel will feature important restaurants and entertainment venues that will host many family oriented activities and entertainment events year round, and it will once again be a “must-see” property, something that the city sorely needs at this time. ”