Revel buyer plans water park for former casino property

AP News
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Posted: Jan 08, 2015 3:54 PM

ATLANTIC CITY, N.J. (AP) — A Florida developer buying Atlantic City's former Revel casino out of bankruptcy plans to open a water park there.

Glenn Straub told reporters during a break in a court hearing Thursday he plans high-speed ferry service between the site and New York City. No timetable has been given for it to re-open.

A judge entered a final order Thursday awarding Revel to Straub for $95.4 million, but he has threatened court action to halt that sale if a lower price cannot be approved.

Straub's attorney, Stuart Moskovitz, said Thursday that there is a "strong likelihood" at least part of the Revel property would be used as a casino, but it would be on a much smaller scale than before.

Revel closed Sept. 2 after little more than two years of operation, never having turned a profit.

A Canadian firm, Brookfield Asset Management, won a court auction for Revel last fall for $110 million, but pulled out of the deal in November, citing a dispute with bondholders over debt from the construction of the complex's costly power plant. That left Straub and his Polo North Country Club as the runner-up bidder. But he sought to have the purchase price lowered to his original $90 million bid.