In what seems like a week-by-week roller coaster of progress and setbacks, TJM Properties announced last week buyers who planned to turn Atlantic Club into a hotel/water park failed to secure financing by their April 24 deadline, thus nixing the deal.
The news made its way to the Associated Press, which aptly headlined its article “Sale of Former Atlantic Club Casino Falls Apart … Again.”
“Florida-based TJM Properties said Thursday a deal to sell former Atlantic Club casino to a group of local investors is off,” wrote reporter Wayne Parry. “The company says the group, led by investor Ronald Young, failed to meet a Monday deadline to have its financing secured.”
This is the second time in recent months an Atlantic Club deal has fallen through.
Dolphin Village would’ve been a water wonderland
The group that planned on purchasing the Atlantic Club was R&R Development. The company claimed it wanted to buy the property and convert it into a water park that would be named Dolphin Village at Atlantic Club.
The park and hotel were to feature 300 hotel rooms, a go-kart track, and a huge arcade. Its intentions proved pointless, as the group was not able to secure funding in time.
Exec says 60-day timeline was too optimistic
One of R&R’s executives, Ronald Young, admitted the company was a bit too optimistic in pushing for a 60-day closing deadline.
“I made a bad decision to sign a contract to close a deal in 60 days,” he said. “Try to close on a house in 60 days.”
While closing on a house in 60 days isn’t abnormal, attempting the same with a massive casino property is an entirely different feat.
Plenty of suitors ready to court the old casino
While R&R’s failure to close was a bit of a wet blanket, TJM alluded to several more parties interested in purchasing the building, going as far as to say it had multiple showings in the week before the R&R fiasco.
Still, R&R remains undaunted. Young says his group will take a second swing at the property: “I’m not quitting. I’ll do whatever it takes to make this deal.”
Young’s words are refreshing in a city where Glenn Straub refuses to exert extra effort to meet local and state requirements for opening up TEN Atlantic City.
Should TJM sell the Atlantic Club and Straub open TEN by his June 15 target, Atlantic City will have pocketed two crucial wins as it fights to get back on its financial feet.
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