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.
‘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”