- Associated Press - Thursday, January 8, 2015

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 Straub is considering multiple uses for the property and 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.

Straub has not decided whether to seek a court order to reduce the sale price. He has 30 days in which to close the sale.

“The main thing we want is that this place not go back into bankruptcy again,” Moskovitz said. “He wants to make sure whatever he puts there will succeed.”

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.

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