New Revel Casino owner open to selling beleaguered property
According to the Philadelphia Business Journal, Florida real estate developer Glenn Straub, who bought the shuttered casino for $82 million earlier this year after a long, tortuous process to acquire it, has said that he would entertain getting rid of it. He bought it for about three cents on the dollar. The casino cost $2.4 billion to build.
Straub has previously threatened to abandon the redevelopment project due to lingering issues regarding an existing relationship the casino has with an energy company.
“I’ll go and sell it to international people. That’s what we need,” he told the Press of Atlantic City. Straub added that “his strategy hinges on high-rollers ferried and flown to Atlantic City.”
What could be bad news for Revel is New Jersey’s willingness to let a massive casino come to the Meadowlands. Deutsche Bank said in a report issued last month that a couple more casinos are likely to close in Atlantic City and the state should explore other locations.
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