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 buy the home which was shut straight down for good last week. 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 buyers that are potential until September 23 in order to make offers.
Straub said this week that his offer was ‘an chance to turn things around. That’s what free slot play quick hits they need now; a new direction,’ he added. ‘Give us our six months, so we’ll really actually be open. In two years, we’ll be 100 percent open.’
Which begs the question, just what is going to be open, exactly? This indicates unlikely that Straub will reopen Revel as a casino; the Revel Casino project, after all, was a cataclysmic $2.4 billion failure with huge costs that are operational had been hemorrhaging $2 million per week when it shut. And besides, it seems Straub features a personal dislike of gambling enterprises.
‘When everybody believes of Atlantic City, they think of casinos,’ Straub told United States Of America Today, adding he dislikes the concept of Atlantic City as a casino city and will be uncomfortable with the idea of his familContinue reading