Straub Double Header: Showboat and Revel Deals Increase AC Rebound Momentum

Revel Casino Hotel was FINALLY sold to developer Glenn Straub for $82 million. For now, it’s called “Polo North”. It will reopen by summer says Straub.

Since Mr. Straub had a few bucks left after this deal, he announced his purchase of the former Showboat casino, right next to Revel, from Stockton University for $26 million. Part of the deal allows for Stockton to buy it back….which leads us to……the Atlantic City Council playing it’s trump card to clear the way for Stockton University to takeover the Showboat, and turn it into the school’s new Island Campus….which we wished was called the BOARDWALK CAMPUS. Are you keeping up with all of this?

And what about that harmful 1988 covenant with Trump Taj Mahal requiring Showboat to be operated as a casino? Looks like that thing could be toast. Atlantic City Council is expected to approve a redevelopment plan on April 8 that would prohibit a casino at the Showboat site. New zoning laws will permit Stockton to turn Showboat and two adjacent lots into a University City. The new laws will prohibit the land to be used for a casino.

Council President Frank Gilliam was quoted in the Press of Atlantic City saying: “We are a big proponent and a big supporter of having the economy diversified.” Also quoted in the Press of Atlantic City: Chris Filiciello, chief of staff to Mayor Don Guardian, said, “We all agree that the university is the best use for that property and for Atlantic City.”

These deals are part of Straub’s master plan called the Phoenix Project, pumping $500 million into Atlantic City’s economy.

  • Airfield project at Bader Field
  • Extreme sports complex
  • Two marinas with capacity to handle super yachts
  • Multipurpose equestrian complex
  • Indoor and outdoor water parks
  • Two universities
  • High-speed ferries and helicopter service

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