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 provided $90 million in cash to buy the home which was shut straight 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 possible buyers have actually until September 23 to create offers.
Straub said this week that their offer had been ‘an opportunity to turn things around. That’s what they need at this time; a new direction,’ he included. ‘Give us our six months, so we’ll actually physically most probably. In 2 years, we’ll be 100 percent open.’
Which begs the question, what is open, precisely? It seems 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 operational costs that had been hemorrhaging $2 million a week when it shut. And besides, it seems Straub features a personal dislike of casinos.
‘When everybody thinks of Atlantic City, they think of casinos,’ Straub told United States Of America Today, adding he dislikes the idea of Atlantic City as a casino town and will be uncomfortable with the though Lanjutkan membaca “Experience Atlantic City on Auction Block for $90 Million Starter Bid”