Former Revel Gets Closer to Re-Opening on Atlantic City Boardwalk

Ropes Revel Straub Atlantic City
Ropes Course Ready for Assembly

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.

 

3 thoughts on “Former Revel Gets Closer to Re-Opening on Atlantic City Boardwalk”

  1. Ever since Glenn Straub first threw his hat in the ring for Revel, there have been countless stories and opinions offered by the media and local politicians which proved to be incorrect or did not materialize. We heard about other individuals who were willing to pay more for Revel before and after the bidding process. We were told that the building was going to become moldy after ACR shut off the power. We listened that numerous tractor trailers were being used to remove various contents from the building. Even as of around a month ago, one local talk radio personality noted that a sale was imminent. The stories went on and on, and are still continuing.

    Maybe a day will come when the chorus is correct and Mr. Straub is proven wrong. Right now though, for a man likely having spent over $150 million of HIS own money for Revel, ACR, and their upkeep, he seems to be moving along with HIS plans, on HIS schedule. For all who don’t like what they see, reach in your pockets and make him an offer.

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