The future of an Atlantic City, New Jersey, casino property that just weeks ago was set to become a waterpark and family theme park has been thrown back into uncertainty.

R&R Development, headed by Ronald Young, said in March that it was buying the Atlantic Club and going ahead with a US$135m redevelopment. However, local press has reported that the deal has fallen through, with R&R unable to secure finances and Young admitting he tried to push the deal through too quickly.

A Chinese investor failed to provide US$35m in funding, the reports said. Owners TJM Properties will continue to look for a buyer for the former casino, which they acquired from Caesar Entertainments for US$13.5m in 2014 when the gambling destination closed down.

R&R Development had planned to turn the site into Dolphin Village, which would include a major waterpark, a go-kart track, a “world-class” arcade and 300-room hotel.

Back in 2015, plans by the Endeavour Property Group also called for the Atlantic Club casino to be turned into a waterpark resort, but those too fell through.

In the wake of the loss of five of 12 casinos since 2014, Atlantic City is continuing to push for new, non-gambling attractions in a complete rebranding of the city. Redevelopment plans include a beachfront giant Ferris wheel and zip line, restaurants, an extension of the Steel Pier and a reconstructed Boardwalk.

R&R’s Young said he has not given up on the redevelopment proposal for Atlantic Club.