"We just felt that since Atlantic City is moving forward, we should move forward with it," he said. "We should create new memories for visitors instead of recreating old ones."
Catanoso had revived the act once, in 1993, but shut it down after two months following similar protests from animal rights activists.
He had envisioned the diving horse as the centerpiece of a refurbished Steel Pier, part of an overall makeover of the gambling resort being planned by local and state officials.
He downplayed the significance of public opposition in the latest decision to pull the plug on the diving horse but acknowledged that the protests did take their toll.
"That negativity - we didn't want that to interfere with the positive things we're trying to do," he said.
Catanoso proposed reviving the act earlier this month when a massive redevelopment plan for Atlantic City's Boardwalk, casino district, and shopping areas was unveiled.
But within days, animal-rights activists were voicing opposition.
The Humane Society of the United States said its members "emphatically oppose equine diving acts, which subject the animals to inhumane and potentially abusive situations in the course of their training, transport, and performance. The stress and trauma endured by these animals, in addition to the risk of injury to them, make these acts unacceptable."
A petition against the act on the website charge.org garnered 10,000 signatures in one day.
Catanoso said he extensively researched the act, including speaking with past performers. In a news release earlier this month announcing his intention to bring back the act, he determined that no horse was ever harmed in the act.
