He disclosed no specific plans for the property, saying through an attorney only that it has "vast potential."
DeNaples previously bought the nearby Mount Airy Lodge and Strickland's Mountain Inn, which he reopened as the Mount Airy Casino Resort.
His gaming license had been suspended in February 2008 after he was charged with lying about whether he had connections to organized crime.
DeNaples maintained his innocence and his license was restored in June after prosecutors dropped perjury charges.
Information from: Pocono Record, http://www.poconorecord.com/