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 provided $90 million in cash to shop for the house which was shut straight down for good the other day. Glenn Straub, who has the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now end up being the ‘stalking horse,’ or lead bidder, who may be outbid by competitors at an auction on September 24. Other potential buyers have actually until September 23 to make offers.
Straub said this that his offer was ‘an opportunity to turn things around week. That’s what they need at this time; a new direction,’ he added. ‘Give us our six months, so we’ll really actually be open. In 2 years, we’ll be 100 % open.’
Which begs the relevant concern, exactly what will be open, precisely? It seems 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 operational costs that had been hemorrhaging $2 million per week when it closed. And besides, it seems Straub features a dislike that is personal of.
‘When everybody believes of Atlantic City, they think of casinos,’ Straub told United States Of America Today, adding that he dislikes the idea of Atlantic City as a casino city and is uncomfortable with the idea of