
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 designer has offered $90 million in cash to purchase the property which was shut 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 prospective purchasers have actually until September 23 in order to make offers.
Straub said this week that their offer ended up being ‘an possibility to turn things around. That is what they need at this time; a direction that is new’ he included. ‘Give us our six months, so we’ll actually actually likely be operational. In two years, we’ll be 100 % open.’
Which begs the question, exactly what are going to be open, precisely? 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 closed. And besides, it seems Straub has a personal dislike of gambling enterprises.
Casino Doctor
‘When everybody believes of Atlantic City, they think of casinos,’ Straub told United States Of America Today, adding that he dislikes the notion of Atlant Continue reading “Revel in Atlantic City on Auction Block for $90 Million Starter Bid”