Enjoy Atlantic City on Auction Block for $90 Million Starter Bid

Enjoy Atlantic City on Auction Block for $90 Million Starter Bid

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 real-estate designer has offered $90 million in money to shop for the home 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 week that their offer was ‘an chance to turn things around. That’s what they need at this time; a brand new direction,’ he included. ‘Give us our six months, and we’ll actually actually likely be operational. In two years, we’ll be 100 percent open.’

Which begs the relevant question, just what is going to be open, precisely? This indicates unlikely that Straub will reopen Revel as a casino; the Revel Casino project, after all, ended up being a cataclysmic $2.4 billion failure with huge costs that are operational had been hemorrhaging $2 million a week when it closed. And besides, it seems Straub features a personal dislike of casinos.

Casino Physician

‘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 city and is uncom Continue reading “Enjoy Atlantic City on Auction Block for $90 Million Starter Bid”

Three Wynn that is original Everett Indicted for Fraud

Three Wynn that is original Everett Indicted for Fraud

Charles Lightbody, pictured right here, aswell as two others are accused of conspiring to cover Lightbody’s ownership stake in land that was sold to Wynn Everett for an Everett, Massachuetts casino.

Three of the original owners of the land now destined to be the Wynn Everett casino in Everett, Massachusetts have been indicted by state and federal authorities. They allege that the men defrauded Wynn Resorts and lied to state regulators by hiding the identity of their partners. The indictment shouldn’t have an impact on Wynn’s winning bid to create the $1.6 billion resort.

Lightbody Ownership Stake Hidden

According to your federal indictment, three owners regarding the land went out of these method to cover the fact up that Charles Lightbody, an understood Mafia associate and a convicted felon, had been one of many lovers who owned the land. These people were said to have feared (and perhaps rightly so) that the Wynn bid for the Greater that is only Boston-area license could possibly be discounted if Lightbody was recognized to be a part of the land purchase.

The three defendants each face federal fraud fees that could secure all of them with up to 20 years of jail time. State fraud charges could also carry another five years in prison for each man. Lightbody has been held without bail until a hearing week that is next as the other two landowners, Anthony Gattineri and Dustin DeNunzio, were released after their first Continue reading “Three Wynn that is original Everett Indicted for Fraud”

Revel in Atlantic City on Auction Block for $90 Million Starter Bid

Revel in Atlantic City on Auction Block for $90 Million Starter Bid

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 real estate developer has offered $90 million in cash to shop for the home which was shut down for good a week ago. Glenn Straub, who has the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now become the ‘stalking horse,’ or lead bidder, who may be outbid by competitors at an auction on September 24. Other potential purchasers have actually until September 23 to create offers.

Straub said this week that their offer had been ‘an chance to turn things around. That’s what they need right now; a direction that is new’ he included. ‘Give us our six months, so we’ll really physically be open. In 2 years, we’ll be 100 % open.’

Which begs the relevant concern, exactly what will likely be open, precisely? It appears 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 costs that are operational were hemorrhaging $2 million per week when it shut. And besides, it seems Straub has a personal dislike of gambling enterprises.

Casino Physician

‘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 city and could be uncomfortable with the idea of h Continue reading “Revel in Atlantic City on Auction Block for $90 Million Starter Bid”