[1][2] The $14 million water park opened on May 18, 1985, as a joint venture between Howard Hughes Development Corporation and Wet 'n Wild.

The concept of a water park in Las Vegas was also considered ideal because of the city's dry and hot weather.

The surf lagoon was a main attraction, as well as a 76-foot-high water slide known as the Der Stuka,[8][9] located along Las Vegas Boulevard on the property's west end, south of the Sahara.

The Bomb Bay required people to push a button, which opened the floor beneath them, plummeting riders to the slide approximately 20 feet below.

[10] In 1993, the park was sued by Russell Beatty, a man who suffered temporary paralysis after his neck was broken in three areas.

[14] In the mid-1990s, the park began offering its Summer Nights celebration, which featured live music, as well as contests and games.

[15] In 1995, security measures were taken after someone in the parking lot had videotaped young girls in bathing suits and began selling the footage.

[16][17] In 1995, Bill Bennett purchased the Sahara resort from Santa Fe Gaming, and it was initially believed that the sale included Wet 'n Wild.

[26][27] In October 1998,[28] Universal Studios Recreation Group acquired the park as part of its purchase of the Wet 'n Wild brand.

[32][35] In February 2003, the Clark County Commission approved plans for a 50-story hotel and timeshare resort to be built on the Wet 'n Wild site.

It was proposed by a partnership that included Paul Lowden, who owned the land through his company Archon Corporation (formerly Santa Fe Gaming).

[52][53][54] Milam, along with Publishing and Broadcasting Limited, planned to build a $5 billion skyscraper resort known as Crown Las Vegas.

[58] Nearby residents opposed construction, and the project stalled further when Clark County rejected a proposal to fund 15% of the venue with public money.

His $1.4 billion project, the All Net Resort, would include a hotel and an arena that could attract an NBA franchise to Las Vegas.

[65] LVXP, a local real estate development company, announced plans in 2024 to build a casino resort on the land.

The unnamed project would include 2,605 hotel and condominium units across three towers; one of these, at 752 feet, would be the tallest building in the state.