A bankrupt casino-hotel in Atlantic City is getting a major makeover.

Glenn Straub, a Florida real estate developer, outlned his plans for the now defunct Revel Casino-Hotel shortly after a U.S. Bankruptcy Court judge approved its sale to him for $95.4 million, according to The Press of Atlantic City.

At the center of it all: a massive $108 million water park. even went to far as to describe it as "the largest of its kind in the world," the news agency reported.

The goal, Straub said, would be for the resort to be an ultimate playground for families. He intends to extend the layout of the resort beyond Revel's existing property, but he did not include further details. The Revel name will be replaced as part of the overall rebranding.

What do you think of this ambitious endeavor? Will Straub be the one to turn Atlantic City around with the help of an indoor/outdoor waterpark? Read More