{"id":24483,"date":"2014-09-11T20:08:26","date_gmt":"2014-09-11T20:08:26","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=24483"},"modified":"2014-09-11T20:09:20","modified_gmt":"2014-09-11T20:09:20","slug":"revel-atlantic-city-auction-block-90-million-starter-bid","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/revel-atlantic-city-auction-block-90-million-starter-bid\/","title":{"rendered":"Revel in Atlantic City on Auction Block for $90 Million Starter Bid"},"content":{"rendered":"
\"Investor
Florida investor Glen Straub has kicked off the auction bidding on Revel for $90 million. (Image: grandchampionspoloclub.org)<\/figcaption><\/figure>\n

Atlantic City\u2019s Revel Casino is up for auction grabs, and a Florida real estate developer has offered $90 million in cash to purchase the property which was shut down for good last week. Glenn Straub, who owns the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now become the \u201cstalking horse,\u201d or lead bidder, who may be outbid by competitors at an auction on September 24. Other potential buyers have until September 23 to make offers.<\/p>\n

Straub said this week that his offer was \u201can opportunity to turn things around.\u00a0That’s what they need right now; a new direction,” he added. “Give us our six months, and we’ll actually physically be open. In two years, we’ll be 100 percent open.”<\/p>\n

Which begs the question, what will be open, exactly? It seems unlikely that Straub will reopen Revel as a casino; the Revel Casino<\/a> project, after all, was a cataclysmic $2.4 billion failure with huge operational costs that were hemorrhaging $2 million a week when it closed. And besides, it seems Straub has a personal dislike of casinos.<\/p>\n

Casino Doctor<\/h2>\n

\u201cWhen everybody thinks of Atlantic City, they think of casinos,” Straub told USA Today<\/em>, adding that he dislikes the idea of Atlantic City as a casino town and would be uncomfortable with the idea of his family profiting from gambling. However, we\u2019re not sure a polo club for the uber wealthy quite fits in with the boardwalk vibe either.<\/p>\n

Whatever Straub has in mind, he\u2019s keeping buttoned up for now, but he says he has Atlantic City\u2019s best interests at heart. \u201cWe feel the city needs what we do,\u201d he says. \u201cWe are like doctors who turn around sick patients. We turn around big properties.\u201d<\/p>\n

Although, in some of his previous dealings, we\u2019d venture to say that he\u2019s been more like a vet putting down a sick animal. When he bought the Miami Arena in 2004 for half the price the price it cost to build, for example, he eventually demolished it to make way for Grand Central Park.<\/p>\n

That doesn\u2019t bode too well for Revel.<\/p>\n

Intriguingly, however, Straub hinted in his interview that his plans include building high-speed rail links Atlantic City, New York City and Philadelphia.<\/p>\n

Other Bidders in the Mix<\/h2>\n

It\u2019s early days, though, and Straub may well yet be outbid, as he was on a recent venture when he attempted to buy the Versace Mansion in Miami Beach at another bankruptcy auction last year.<\/p>\n

There is, according to sources, some competition. One bidder is Alex Meruelo, whose California-based Meruelo Group attempted to buy the soon-to-be shuttered Trump Plaza last year. The proposed sale price was $20 million, incidentally, but the deal fell through when Trump Entertainment<\/a> was unable to get a release on its mortgage, because the senior lender refused to approve the sale at such a low price.<\/p><\/blockquote>\n

Meanwhile, investor\u00a0Carl Icahn is also a possible contender. Icahn, as the holder of most of Trump Entertainment\u2019s debt, stands to take over both the Trump Plaza and Trump Taj Mahal as a result of the parent company\u2019s bankruptcy filing this week.<\/p>\n

Whatever the outcome, however, the Straub deal benefits Revel and its creditors by setting a base price for the auction and \u201cincreasing the likelihood that the best possible purchase price for the assets will be received,\u201d explained court documents. Straub has made a $10 million deposit and would receive a $3 million breakup fee if it\u2019s outbid at auction, according to proposals.<\/p>\n","protected":false},"excerpt":{"rendered":"

Atlantic City\u2019s Revel Casino is up for auction grabs, and a Florida real estate developer has offered $90 million in cash to purchase the property which was shut down for good last week. Glenn Straub, who owns the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now become the \u201cstalking horse,\u201d or […]<\/p>\n","protected":false},"author":42,"featured_media":24495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,13,18],"tags":[],"acf":[],"yoast_head":"\nRevel in Atlantic City on Auction Block for $90 Million Starter Bid<\/title>\n<meta name=\"description\" content=\"Revel Casino in Atlantic City goes on the auction block, with real estate investor Glenn Straub bidding $90 million in cash.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revel in Atlantic City on Auction Block for $90 Million Starter Bid\" \/>\n<meta property=\"og:description\" content=\"Revel Casino in Atlantic City goes on the auction block, with real estate investor Glenn Straub bidding $90 million in cash.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/revel-atlantic-city-auction-block-90-million-starter-bid\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-11T20:08:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2014-09-11T20:09:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/09\/Investor-Glenn-Straub-bids-for-Revel.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"515\" \/>\n\t<meta property=\"og:image:height\" content=\"368\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/revel-atlantic-city-auction-block-90-million-starter-bid\/\",\"url\":\"https:\/\/www.casino.org\/news\/revel-atlantic-city-auction-block-90-million-starter-bid\/\",\"name\":\"Revel in Atlantic City on Auction Block for $90 Million Starter Bid\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-atlantic-city-auction-block-90-million-starter-bid\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-atlantic-city-auction-block-90-million-starter-bid\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/09\/Investor-Glenn-Straub-bids-for-Revel.jpg\",\"datePublished\":\"2014-09-11T20:08:26+00:00\",\"dateModified\":\"2014-09-11T20:09:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Revel Casino in Atlantic City goes on the auction block, with real estate investor Glenn Straub bidding $90 million in cash.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-atlantic-city-auction-block-90-million-starter-bid\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/revel-atlantic-city-auction-block-90-million-starter-bid\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/revel-atlantic-city-auction-block-90-million-starter-bid\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/09\/Investor-Glenn-Straub-bids-for-Revel.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2014\/09\/Investor-Glenn-Straub-bids-for-Revel.jpg\",\"width\":515,\"height\":368,\"caption\":\"Florida investor Glen Straub has kicked off the auction bidding on Revel for $90 million. 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