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 shop for the house which was shut down for good week that is last. Glenn Straub, whom owns the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now get to be the ‘stalking horse,’ or lead bidder, who may be outbid by competitors at an auction on September 24. Other potential buyers have until September 23 to produce offers.
Straub said this week that his offer had been ‘an opportunity to turn things around. That’s what they need right now; a new direction,’ he added. ‘Give us our six months, and now we’ll actually actually be open. In 2 years, we’ll be 100 percent open.’
Which begs the question, exactly what are open, exactly? It appears unlikely that Straub will reopen Revel as being a casino; the Revel Casino project, after all, ended up being a cataclysmic $2.4 billion failure with huge costs that are operational were hemorrhaging $2 million a week when it shut. And besides, it seems Straub has a personal dislike of gambling enterprises.
‘When everyone thinks of Atlantic City, they think of casinos,’ Straub told USA Today, adding that he dislikes the concept of Atlantic City as a casino town and is uncomfortable with the notion of his family profiting Continue reading