A former casino and hotel in Atlantic City, New Jersey, will be transformed into a mega resort centred around a waterpark and gambling facilities, with a high-speed ferry service linking it to Manhattan.

Florida-based real-estate developer Glenn Straub has purchased the Revel Casino for US$94.5m (€81.5m, £62.3m), after a US Bankruptcy Court judge approved the sale.

Under the redevelopment plans, the attraction will combine family-friendly amenities with some small adult gambling areas in the form of the rebranded Revel. The waterpark will be built at a cost of US$108m (€93.1m, £71.2m) and will be both inside and out to create a year-round prospect.

Speaking to local media following the purchase, Straub said it was important that Atlantic City refocuses as it transitions from a casino-centric town to a more diverse tourist destination with resort-style amenities. The city is currently in the process of developing more non-gambling attractions after the financial crisis claimed four casinos in the past year – including Revel.

Revel originally cost US$2.4bn (€2bn, £1.6bn) to build and was marketed as a 'posh resort' when it first opened in April 2012. However, the casino immediately ran into problems, as it did not draw enough profit and consistently ranked at the bottom of the casino industry’s revenue table. The casino closed in September 2014, after declaring bankruptcy for a second time.