The defunct Atlantic Club casino hotel is back on the market after an affiliate of Ambler-based Endeavor Property Group failed to get enough financial backing for its plan to redevelop the property with a water park and other attractions, owner TJM Properties said.
Endeavor AC LLC "was not able to generate the additional deposit funds needed" for its plan, which also included conference and event facilities and new restaurants and shops, TJM of Clearwater, Fla., said in a release on Monday.
Endeavor had separately purchased an adjacent parking lot owned by TJM for around $1.5 million in October as part of the redevelopment plan, TJM president Terence McCarthy said in an interview. A phone message left with Endeavor was not returned.
TJM purchased the Atlantic Club Hotel - formerly known as the Atlantic City Hilton - in 2013, four months after the 800-room casino hotel was closed following a bankruptcy sale of its assets.