A shuttered Atlantic City, New Jersey, casino that was the gambling resort's biggest flop is getting ready for a second chance. The former Revel casino cost $2.4 billion to build but lasted just. Revel cost $2.4 billion to build, but Brookfield Asset Management will pay $110 million to buy it out of bankruptcy court. In a sale approved Tuesday, Brookfield got the property for a 95 percent.
Wellington real estate developer Glenn Straub says he may quit trying to reopen a shuttered casino in Atlantic City, New Jersey, that he bought last year.
Straub paid $82 million for the Revel casino in Atlantic City, which cost $2.4 billion to build. Revel opened in 2012, then descended into bankruptcy twice and closed in 2014.
Revel Casino New Name
Straub blames the state of New Jersey for his failure, so far, to reopen Revel. In an interview, he told the Star-Ledger, 'This state stinks. It just stinks. … I worked in five states. This is 10 times worse than what it would be anyplace else.'
Asked if he still would try to reopen the casino, Straub told the newspaper, 'To hell with that. I've got other things to do. I don't have time to be screwing around with this stuff.'
Straub earlier had pledged that at least part of the 6.2 million-square-foot Revel casino would be in operation by the middle of June.
But his company, Polo North Country Club, is still seeking city and state permits to reopen Revel, where fencing blocks entrances to the casino from Atlantic City's oceanfront boardwalk.
Straub's company needs site-plan approval from the Casino Reinvestment Development Authority to do construction work at Revel before reopening it.
The authority decided in an August 18 public hearing to continue the hearing to September 8, allowing Polo North more time to address potential street-traffic issues at the casino. Casino dorbe.
Revel Casino News
The authority's decision to extend the public hearing is 'unnecessary and unwarranted,' said Nick Talvacchia, an attorney representing Straub's company.
The extension of the public hearing led Straub to tell the Star-Ledger that he may end his efforts to reopen Revel: 'I'm pretty much there now.' [Star-Ledger] — Mike Seemuth
Atlantic City Council President Gilliam wants to turn up the heat…even more…on Glen Straub, owner of the former Revel Casino Hotel.
Straub's company needs site-plan approval from the Casino Reinvestment Development Authority to do construction work at Revel before reopening it.
The authority decided in an August 18 public hearing to continue the hearing to September 8, allowing Polo North more time to address potential street-traffic issues at the casino. Casino dorbe.
Revel Casino News
The authority's decision to extend the public hearing is 'unnecessary and unwarranted,' said Nick Talvacchia, an attorney representing Straub's company.
The extension of the public hearing led Straub to tell the Star-Ledger that he may end his efforts to reopen Revel: 'I'm pretty much there now.' [Star-Ledger] — Mike Seemuth
Atlantic City Council President Gilliam wants to turn up the heat…even more…on Glen Straub, owner of the former Revel Casino Hotel.
Gilliam even uttered the ‘C' word…. condemnation. The AC Council Prez wants Straub to get his Revel building up and running….pronto….or else. Straub, on the other hand, claims he's being held up by some serious foot dragging and municipal monkey business. Some suggest that Mr. Straub could flip the property he bought on the cheap. Genting casino fountain park poker schedule. Selling the massive glass-enclosed structure could easily put $30-50 million in his pocket, if indeed, that's what he wants to do.
But hold on. Mr. Straub knows how to get a deal done, no matter how challenging the environment.
With the change Glenn found behind his couch cushions, the owner of the former Revel Casino reports that he has a deal to buy the ACR energy plant in Revel's back yard. Straub will fork over $30 million to plant owner-operator ACR Energy Partners. In turn, ACR will add $15 mil on top of that $30 mil, in order to pay down a debt with bondholders who want to foreclose on the energy plant.
Polo North bought the former Revel Casino, which cost $2.4 billion to build, for $82 million in April
The surprising ACR deal sorta places a wet towel on Councilman Gilliam's threat of condemnation.
According to the Press of Atlantic City, Council President Gilliam said the Revel property is 'one of the biggest eyesores and black eyes in the city. Blight is another word Gilliam used to describe the Revel building at the north end of the Boardwalk. No word on what Mr. Gilliam thinks about the old Trump Plaza and Atlantic Club….rotting along the Boardwalk.
Atlantic City Council passed a resolution to name a redeveloper for land that includes the Revel.
Atlantic City Council wants M & J at Melrose LLC to become the redeveloper. According to the Press of Atlantic City, the company is connected to Joseph Jingoli Jr., whose company helped build the power plant across the street from Revel.
What we understand: When an official redeveloper is named, they can partner with local officials to push for condemnation of a property within Atlantic City's redevelopment zone. The resolution paves the way to condemn Revel, said Gilliam.
Councilman Randolph of the 1st Ward where the Revel is located, said he was kept out of the loop on this one. He didn't know anything about a resolution and the threat of condemnation. Randolph was not happy with Gilliam's move. Councilman Marty Small also wondered why such a rush?
Straub called the move ‘sneaky'.
FYI: Redevelopment plans inside the Atlantic City's tourism district requires approval from the CRDA, Casino Reinvestment Development Authority.
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