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 property developer has offered $90 million in money to purchase the house which was shut straight 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 get to be the ‘stalking horse,’ or lead bidder, who may be outbid by competitors at an auction on September 24. Other buyers that are potential until September 23 to produce offers.
Straub said this that his offer was ‘an opportunity to turn things around week. That is what they need right now; a brand new direction,’ he added. ‘Give us our six months, and we’ll really physically likely be operational. In 2 years, we’ll be 100 % open.’
Which begs the relevant question, what will be open, exactly? 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 operational costs that were hemorrhaging $2 million per week when it shut. And besides, it seems Straub has a dislike that is personal of.
‘When everyone believes of Atlantic City, they think of casinos,’ Straub told USA Today, adding which he dislikes the idea of Atlantic City as a casino town and would be uncomfortable with the thought of his famil