The Atlantic Club, one of the first Atlantic City casinos to throw in the towel among the five who closed-up shop in 2014, is about to be re-imagined as a large indoor water park and hotel, according to official reports from the mayor’s office and the buyers themselves. The property, which swapped several owners in the past decades, is now to be acquired from its current owners TJM Properties by R&R Development Group, a company headed by Philadelphia investor Ronny Young and Robert Reilert, a former casino exec.

The Atlantic Club closed down on January 2014 and was bought by Caesars Entertainment before being sold again to TJM Properties. The same year saw the closure of other casino landmarks, like the Revel Casino and the Showboat. Plans to turn the property into a water park were also made in 2015, but the company behind them, the Endeavor Property Group, failed to raise enough capital and the idea was put on hold until further notice.

But its current buyers, R&R, plan to spend $130 million to renovate the hotel facility and have its 300 rooms open by fall. The company also plans to build a 100,000 square foot water park on adjacent land along with a family entertainment center that will include an arcade. The same company was also behind plans to build a water park and hotel at Bader Field, but the project was never realized.

The Mayor, Don Guardian, commented on the acquisition by saying that both the location and timing were better than last year’s plans as the investors have made a “world class” design for the water park that will be put to great use at the property. The revival plan comes at a time when other closed down former casinos are also waiting to reopen.