
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 home which was shut down for good a week ago. Glenn Straub, whom owns 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 prospective buyers have actually until September 23 to help 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 included. ‘Give us our six months, and now we’ll really physically likely be operational. In 2 years, we’ll be 100 % open.’
Which begs the relevant question, exactly what will be open, exactly? It seems 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 had been hemorrhaging $2 million per week when it shut. And besides, it seems Straub has a personal dislike of casinos.
Casino Physician
‘When everyone believes of Atlantic City, they think of casinos,’ Straub told USA Today, adding he dislikes the idea of Atlantic City as a casino city and could be uncomfortable with the thought of his family m