The winning bidder of the troubled Revel Casino Hotel
said he plans on building a water park on the Atlantic City property.
Florida developer Glenn Straub said he wants to build the
world's largest water park at Revel, reports the Press of Atlantic City. The
project would cost approximately $108 million, utilizing the exterior and
interior of the structure.
The paper also reports that Straub plans to remove the
Revel brand and sell the naming rights to the casino.
Straub announced some of his plans during a break
Thursday in a hearing on the final court order approving the $95.4 million sale
to Straub after Toronto-based Brookfield Asset Management backed out due to
high power plant costs.
News of the water park comes after Straub said on Monday
that he would be rejecting the deal. He's arguing that his original bid of $90
million should remain the purchase price, and that he's due a $3 million
deduction as a breakup fee.
The water park is part of Straub's larger vision for the
structure, which includes a high-speed ferry and railway between Atlantic City
and New York. He previously said he wanted to build a university "for geniuses."
Revel is one of three casino properties that could be
changing hands soon. Atlantic Club, which closed in January last year, will be
bought by Pennsylvania real estate firm Endeavor Property Group, according to
news reports. Meanwhile Stockton College finalized the purchase of the Showboat
casino, where it will create a branch campus and hotel.
Source: Philadelphia
Business Journal
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