A bankrupt Atlantic City casino which was to be turned into a family destination centred around a waterpark has been placed back on the market after the real-estate firm purchasing the property failed to come up with the necessary redevelopment funds.

Developers the Endeavour Property Group reached a deal with owners TJM Properties in July last year to purchase and redevelop the Atlantic Club Casino Hotel in New Jersey, US.

The property was to feature an 81,000sq ft (7,500sq m) waterpark development with other family entertainment facilities. But the agreement between the two parties fell through at the start of 2016, with TJM announcing on 4 January that it is now accepting offers from potential buyers for the 800-bedroom hotel and casino, adding in a statement that Endeavour “was not able to generate the additional deposit funds needed”.

“Both our firms have invested substantial time and money in the planning process,” said the statement. “We felt that the project was good for Atlantic City. Endeavor has laid a foundation that has generated interest in government funding that may enhance the value of the property and we are disappointed that they were unable to continue.”

The Atlantic Club is one of four casinos in the area which closed in 2014 along with Revel, Showboat and Trump Plaza. Revel was purchased by Florida developer Glenn Straub, who had similar waterpark plans, while developer Bart Blatstein purchased Showboat.

In the wake of the loss of those casinos – four of 12 – in the last three years, Atlantic City is continuing to push for new, non-gambling themed attractions in a complete rebranding of the city. Aside from the failed waterpark project, redevelopment plans include a beachfront giant Ferris wheel and zip line, restaurants, an extension of the Steel Pier and a reconstructed Boardwalk.