The Revel name will be removed from the building as part of a rebranding of the property. Straub said he plans to sell the naming rights to the casino to generate extra cash for what would be a sprawling attraction combining family-friendly amenities with some adults-only gambling action.
The centerpiece of his redevelopment plan would be a $108 million water park, described by Straub as the largest of its kind in the world. The water park would be both inside and outside the building to create a year-round attraction. He said he is already working on architectural renderings for the project.
Straub stressed it will be important for Atlantic City to add more year-round attractions as it transitions from a casino-centric town to a more diversified tourist destination featuring resort-style amenities. The city hopes to develop more nongambling attractions to help pull it out of an epic economic crisis that claimed four casinos last year, including Revel.
“You’ve got to extend the time period for the resort,” Straub said of the city’s overall strategy to attract tourists beyond the summer.
To that end, Straub wants to turn Revel’s casino-hotel complex and surrounding property into a resort-style playground for families and adults. He spoke broadly of adding concerts, laser shows, amateur sports and polo facilities. Straub is a polo enthusiast.
He also divulged that he plans to tap the lucrative New York feeder market by running high-speed ferries or catamarans between Atlantic City and Manhattan. Ferries would be a new way to bring customers to Revel and the city at large.
Straub’s redevelopment plan would not stop at Revel’s property line. He said he also wants to help redevelop the surrounding South Inlet neighborhood, but disclosed no details.