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 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 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 make offers.
Straub said this that his offer was ‘an opportunity to turn things around week. That’s what they need right now; a direction that is new’ 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 concern, just what are open, exactly? It appears unlikely that Straub will reopen Revel as a casino; the Revel Casino project, after all, ended up being a cataclysmic $2.4 billion failure with huge operational costs that had been hemorrhaging $2 million per week when it closed. And besides, it seems Straub has a dislike that is personal of.
‘When everybody 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 profiting from gambling. Continuar leyendo «Revel in Atlantic City on Auction Block for $90 Million Starter Bid»