Florida investor Glen Straub has kicked off the auction bidding on Revel for $90 million.
Atlantic City’s Revel Casino is up for auction grabs, and a Florida real estate developer has offered $90 million in money to buy the home which was shut down for good week that is last. Glenn Straub, whom has the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now end up being the ‘stalking horse,’ or bidder that is lead who may be outbid by competitors at an auction on September 24. Other potential buyers have actually until September 23 to produce offers.
Straub said this week that his offer ended up being ‘an possibility to turn things around. That is what they need right now; a direction that is new’ he included. ‘Give us our six months, so we’ll really physically likely be operational. In 2 years, we’ll be 100 percent open.’
Which begs the relevant concern, what is open, precisely? This indicates unlikely that Straub will reopen Revel as being a casino; the Revel Casino project, after all, had been a cataclysmic $2.4 billion failure with huge costs that are operational had been hemorrhaging $2 million a week when it closed. And besides, it seems Straub has a personal dislike of gambling enterprises.
‘When everybody believes of Atlantic City, they think of casinos,’ Straub told USA Today, adding which he dislikes the concept of Atlantic City as a casino town and could be Continue Reading