Plans have been announced in Atlantic City for a new resort complex that will include a 31-story hotel and a year-round water park.

Developer Tom Sherwood said Wednesday he hopes to have the $123 million project completed within two years. It will be built in the Marina District.

The Press of Atlantic City says the developers originally planned to build a casino which would have
joined the Borgata, Harrah's and Golden Nugget in that section of the city. But Sherwood says the new project better reflects the push for more family attractions in Atlantic City, as well as the decline of the gambling market.

The project will be known as the Diving Horse Resort and Water Park. Sherwood says it will have no connection to the Diving Horse Gentlemen's Club he opened across town.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)