Florida investor Glen Straub has kicked from the auction bidding on Revel for $90 million.
Atlantic City’s Revel Casino is up for auction grabs, and a Florida real estate designer has provided $90 million in money to shop for the property which was shut straight down for good week that is last. Glenn Straub, who owns 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 buyers that are potential 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 direction that is new’ he added. ‘Give us our six months, and now we’ll really physically most probably. In 2 years, we’ll be 100 % open.’
Which begs the relevant question, just what will be open, precisely? It appears 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 were hemorrhaging $2 million a week when it closed. And besides, it seems Straub has a personal dislike of casinos.
‘When everybody believes of Atlantic City, they think of casinos,’ Straub told USA Today, adding that he dislikes the idea of Atlantic City as a casino town and would be uncomfortable with the thought (more…)