Revel buyer plans water park for former casino property

ATLANTIC CITY, N.J. --

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.

He told The Press of Atlantic City on Tuesday he plans to use at least part of the property as a casino. 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.

It was not immediately clear whether he still plans to seek a stay of the sale. His lawyer did not immediately return a call seeking comment Thursday.

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.