Experience Atlantic City on Auction Block for $90 Million Starter Bid

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Experience Atlantic City on Auction Block for $90 Million Starter Bid

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 cash to purchase the property 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 get to be 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 in order to make offers.

Straub said this that his offer was ‘an opportunity to turn things around week. That is what they need right now; a brand new direction,’ he included. ‘Give us our six months, and now we’ll really actually be open. In 2 years, we’ll be 100 % open.’

Which begs the question, what will be open, exactly? 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 costs that are operational were hemorrhaging $2 million per week when it shut. And besides, it seems Straub includes a personal dislike of casinos.

Casino Physician

‘When everyone thinks of Atlantic City, they think of casinos,’ Straub told USA Today, adding that he dislikes the concept of Atlantic City as a casino city and is uncomfortable with the idea of his family making mo read more →