Amid sneers, various roadblocks and public skepticism, Glenn Straub is laser focused on the resurrection of his former Revel Casino draws closer. Will Wed. June 15 be the opening date? Who cares. Just as long as it opens asap.
See pictures: Plenty of activity can see seen on the Revel Atlantic City property.
Tractor trailers, heavy construction equipment, and a growing cadre of manpower can be seen from the Boardwalk side of this glass enclosed behemoth overlooking the Atlantic City beach front & inlet. The ‘Ropes Course’ equipment looks like it has been delivered in full. The steel and wood components are laid out within view, just over the wall separating the property from the Boardwalk.
Getting the former REVEL property in Atlantic City up and running has not been easy for the Florida developer.
Glenn Straub purchased the 2 year old, bankrupt structure and land for just $83 million in cash. Revel cost just over $2 billion to build. That’s over a 90% discount from the building price. Did this make some jealous?
Some suggest that Straub didn’t adhere to old school ‘Atlantic City’ procedures for operating a business in town. “When you pay in cash, middle men are kept to a minimum, that ticks some people off” says those familiar with situations like this.
Straub battled for 10 months in court to gain control of this barely broken-in resort.
While others tried to grab this premium property through various financial deals, Straub “was the only one to put his money where his mouth is” said John Cunningham, a lawyer for Revel. See WALL STREET JOURNAL
Straub plans to spend as much as $800 million in Atlantic City, and he has the cash and tenacity to do it.