Revel's buyer plans to build a water park at the former Atlantic City casino site

Industries Associated Press

A Florida developer buying Atlantic City's former Revel casino out of bankruptcy plans to open a water park there.

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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.

Still unclear is whether Straub plans any gambling use at the site.

A judge entered a final order 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.

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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.