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 property designer has offered $90 million in money to get the property which was shut down for good week that is last. Glenn Straub, whom owns the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now become 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 help make offers.
Straub said this week that their offer had been ‘an opportunity to turn things around. That is what they need at this time; a brand new direction,’ he included. ‘Give us our six months, so we’ll really actually most probably. In two years, we’ll be 100 percent open.’
Which begs the question, just what will likely be open, precisely? This indicates 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 a week when it shut. 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 that he dislikes the idea of Atlantic City as a casino city and w […]