Ventnor-based R&R Development Group has entered into an agreement to purchase the shuttered Atlantic Club casino in Atlantic City and convert the property into a large-scale indoor water park.

According to the Press of Atlantic City, plans for the site, which will be named Dolphin Village at Atlantic Club, include a 100,000-square-foot indoor water park, hotel rooms, restaurants and an arcade space.

The Press reports that R&R will put more than $135 million into the building and while construction on the water park could take one to two years, over 300 rooms could become available by this fall.

R&R is set to acquire the Atlantic Club site for an undisclosed price from Florida-based development group TJM Properties, which bought the Boardwalk property for $13.5 million from a Caesars Entertainment affiliate back in 2014, shortly after the casino closed its doors to the public.

News of R&R’s plans for the property follow a separate failed proposal from a Pennsylvania company last year to purchase the building from TJM and construct an indoor water park.

Original Article