{"id":32004,"date":"2016-04-26T10:17:13","date_gmt":"2016-04-26T10:17:13","guid":{"rendered":"http:\/\/acprimetime.wpengine.com\/?p=32004"},"modified":"2016-04-27T09:18:57","modified_gmt":"2016-04-27T09:18:57","slug":"revel-straub-fertitta-mayor-gaurdian","status":"publish","type":"post","link":"https:\/\/acprimetime.com\/revel-straub-fertitta-mayor-gaurdian\/","title":{"rendered":"Glenn Straub Still Snubbed. Revel Resurrection in Atlantic City"},"content":{"rendered":"
\n
\"revel
Is Atlantic City Business Friendly?<\/figcaption><\/figure>\n

Tilman Fertitita struggled through myriad obstacles to open the now successful Golden Nugget in Atlantic City. Glenn Straub continues to face land mines and he soldiers on with his plans to resurrect the former Revel property by June 15.<\/p>\n

Fertitta & Straub paid for their Atlantic City acquisitions in cash. Is that such a bad thing in a city desperate for development? Sadly, both cash-laden entrepreneurs have experienced a less-than-hospitable welcome from some Atlantic City leadership when trying to turnaround their newly purchased AC properties.<\/p>\n

Fertitta bought the Trump Marina casino and hotel from bankrupt Trump Entertainment Resorts for just $38 million in February of 2011. Straub recently bought the 2 yr old, barely broken-in REVEL for just $83 million in early 2015.<\/p>\n

Golden Nugget CEO Fertitta says AC has PLENTY of gaming revenue. Plenty of BIZ in AC. But\u00a0Atlantic City is not business friendly due to very high expenses imposed on local business.<\/h2>\n<\/div>\n
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Fertitta makes more revenue in AC than in Vegas\u2026but\u2026.the cost of doing business in AC is very expensive.\u00a0It\u2019s a big reason why Atlantic City is still hurting.\u00a0Tilman Fertitta\u2019s\u00a0profit margin in Vegas is 20%.\u00a0His profit margin in AC is 8%.<\/p>\n

\"atlantic
Straub Facing Tibbit, Gilliam & Guardian inside Council Chambers<\/figcaption><\/figure>\n
\n

Is Atlantic City Business Friendly?<\/h2>\n

Example #1.<\/strong> AC councilman Frank Gilliam threatened eminent domain to take control of the Revel Property as Straub battled to power his building at fair market rates.<\/p>\n

Example #2.<\/strong> On Monday Ap 25, Atlantic City Mayor; Don Guardian, was hosting a radio show and was questioned by a caller. ‘When will REVEL re-open and hire hundreds of new employees?’ Guardian wasn’t keen on chatting up that common question. Guardian did admit though, his staffers inspected REVEL a few weeks back. Contrary to inaccurate local radio & newspaper reports, they found REVEL in excellent condition.\u00a0When pressed, the bow-tied Mayor also admitted on-air, all he knows about REVEL is what he reads in the paper.\u00a0Editors note: The Press of Atlantic City and local radio stations are quick to ignore and belittle most of Straub’s REVEL revival efforts.\u00a0<\/em><\/p>\n

Example #3.<\/strong> Bart Blatstein stepped up and purchased The Showboat. Too bad he still can’t open it. Dueling non-competes prevent Blatstein from hiring hundreds and adding much-needed hotel space to Atlantic City’s room inventory. In yet another WTF moment, one past owner (Trump) says Showboat MUST remain a casino, and the other past owner (Caesars) says it can’t.<\/p>\n

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[foogallery id=”32025″]<\/p>\n

\n<\/div>\n<\/header>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Tilman Fertitita struggled through myriad obstacles to open the now successful Golden Nugget in Atlantic City. Glenn Straub continues to face land mines and he soldiers on with his plans to resurrect the former Revel property by June 15. Fertitta & Straub paid for their Atlantic City acquisitions in cash. Is that such a bad […]<\/p>\n","protected":false},"author":2,"featured_media":30714,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[10],"tags":[],"yoast_head":"\nGlenn Straub Still Snubbed. 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Glenn Straub continues to face land mines and he soldiers on with his plans to resurrect the former Revel property by June 15. Fertitta & Straub paid for their Atlantic City acquisitions in cash. Is that such a bad…","_links":{"self":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/posts\/32004"}],"collection":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/comments?post=32004"}],"version-history":[{"count":0,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/posts\/32004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/media\/30714"}],"wp:attachment":[{"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/media?parent=32004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/categories?post=32004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/acprimetime.com\/wp-json\/wp\/v2\/tags?post=32004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}