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 developer has offered $90 million in cash to buy the home which was shut down for good a week ago. Glenn Straub, whom 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 buyers that are potential until September 23 in order to make offers.
Straub said this week that their offer ended up being ‘an chance to turn things around. That’s what they need at this time; a direction that is quick hits slot machine games new’ he added. ‘Give us our six months, so we’ll actually physically be open. In two years, we’ll be 100 percent open.’
Which begs the relevant question, just what is going to be open, exactly? It appears unlikely that Straub will reopen Revel as a casino; the Revel Casino project, after all, had been a cataclysmic $2.4 billion failure with huge operational costs that were hemorrhaging $2 million a week when it closed. And besides, it seems Straub includes a personal dislike of gambling enterprises.
‘When everyone thinks of Atlantic City, they think of casinos,’ Straub told United States Of America Today, adding which he dislikes the idea of Atlantic City as a casino town and could be uncomfortable Continue reading “Enjoy Atlantic City on Auction Block for $90 Million Starter Bid”