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Revel in Atlantic City on Auction Block for $90 Million Starter Bid

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 developer has offered $90 million in money to buy the home which was shut 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 lead bidder, who may be outbid by competitors at an auction on September 24. Other prospective buyers have until September 23 to help make offers.

Straub said this that his offer was ‘an opportunity to turn things around week. That is what they need right now; a new direction,’ he added. ‘Give us our six months, and now we’ll really physically be open. In two years, we’ll be 100 percent open.’

Which begs the question, exactly what is open, exactly? This indicates 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 were hemorrhaging $2 million per week when it shut. And besides, it seems Straub has a personal dislike of gambling enterprises.

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‘When everybody thinks of Atlantic City, they think of casinos,’ Straub told United States Of America Today, adding which he dislikes the notion of Atlantic City as a casino city and would be uncomfortable with the notion of Continue reading