{"id":27707,"date":"2015-02-26T12:42:38","date_gmt":"2015-02-26T20:42:38","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=27707"},"modified":"2015-02-26T12:42:38","modified_gmt":"2015-02-26T20:42:38","slug":"revel-sold-to-florida-billionaire-straub-for-82-million","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/revel-sold-to-florida-billionaire-straub-for-82-million\/","title":{"rendered":"Revel Sold To Florida Billionaire Straub For $82 Million"},"content":{"rendered":"
\"Glenn
Back from the dead: Glenn Straub finally gets his hands on the shuttered Revel casino resort, which he plans to turn into a casino-cum-center devoted to life extension science. (Image: wsj.com)<\/figcaption><\/figure>\n

Sold, to the eccentric Florida billionaire in the front row: one gigantic, doomed casino resort that leaks $2 million a week. Stunning views of the beach.<\/p>\n

Yes, after months of tortuous legal wrangling, property developer Glenn Straub has finally got his mitts on the stricken Revel Casino Resort in Atlantic City. He will pay $82 million for the building, a fraction of the $2.4 billion it cost to build.<\/p>\n

His plans? Well, Revel will NOT become an elite university where the brightest minds in the world can wander up and down the boardwalk ruminating on solutions to global problems, such as \u201cfamine, cancer and nuclear waste storage,\u201d as Straub previously proposed.<\/p>\n

Instead, it will become some kind of weird center devoted to the pursuit of eternal youth, or \u201clife-extension science,\u201d to use the preferred terminology. We imagine this is very big in Florida.<\/p>\n

Oh, and a casino.<\/p>\n

Life Extension for Revel<\/b><\/h2>\n

Yes, despite, previous statements that he dislikes the very idea of Atlantic City<\/a> as a casino town and that he would feel uncomfortable about profiting from gambling (although, given Revel\u2019s history, there would seem to be little chance of that), Straub<\/a> has tantalizingly revealed that the failed casino property will reopen as a casino<\/i>. Albeit a strange one. After all, as he explained to Bloomberg this week: \u201cIt\u2019s a shame not to have some entertainment.\u201d<\/p>\n

\u201cI think we can help a lot of people,\u201d added Straub of Revel\u2019s forthcoming life-extension facilities. \u201cWe\u2019ll give you a week of knowledge and maybe extend your life.\u201d<\/p><\/blockquote>\n

A factor that may have been instrumental in Straub compromising his convictions about casinos is the crippling energy bill that\u2019s tagged onto Revel. While Straub had been the initial \u201cstalking horse\u201d in Revel\u2019s bankruptcy auction, establishing the base bid at $90 million, the auction was eventually won by the Canadian company Brookfield Asset Management, with a bid of $110 million.<\/p>\n

Energy Bills from Hell<\/b><\/h2>\n

But Brookfield balked and bolted when it saw\u00a0the annual energy bill of $36 million. In comparison, the Borgata, which has twice as many hotel rooms and a larger casino floor, paid $11.7 million last year in energy costs.<\/p>\n

The property gets its power from an adjacent plant, owned by ACR Partners LLC, that was built specifically for that purpose and with Revel is its sole customer. Revel AC Inc began building the power plant when work began on the property, in 2008.<\/p>\n

When the company ran out of money, however, the plant was taken over by ACR, which demanded a 15 percent return on its equity in the first five years and 18 percent after that. Revel\u2019s obligations to ACR constitute equity payments totaling $20.1 million annually, plus $4 million for operations and maintenance.<\/p>\n

Punchline: Receiving a bill like that is unlikely to do wonders for anyone\u2019s life expectancy.<\/p>\n

Meanwhile, Straub\u2019s lawyer says the deal should close by March 31, and Straub hopes that at least part of the complex will be open by summer.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sold, to the eccentric Florida billionaire in the front row: one gigantic, doomed casino resort that leaks $2 million a week. Stunning views of the beach. Yes, after months of tortuous legal wrangling, property developer Glenn Straub has finally got his mitts on the stricken Revel Casino Resort in Atlantic City. He will pay $82 […]<\/p>\n","protected":false},"author":42,"featured_media":27708,"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 Sold To Florida Billionaire Straub For $82 Million<\/title>\n<meta name=\"description\" content=\"Revel sale agreed with Glenn Straub who plans to reopen the property as a casino \/ life extension science center.\" \/>\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 Sold To Florida Billionaire Straub For $82 Million\" \/>\n<meta property=\"og:description\" content=\"Revel sale agreed with Glenn Straub who plans to reopen the property as a casino \/ life extension science center.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/revel-sold-to-florida-billionaire-straub-for-82-million\/\" \/>\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=\"2015-02-26T20:42:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/02\/l_20141007_133543.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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-sold-to-florida-billionaire-straub-for-82-million\/\",\"url\":\"https:\/\/www.casino.org\/news\/revel-sold-to-florida-billionaire-straub-for-82-million\/\",\"name\":\"Revel Sold To Florida Billionaire Straub For $82 Million\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-sold-to-florida-billionaire-straub-for-82-million\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-sold-to-florida-billionaire-straub-for-82-million\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/02\/l_20141007_133543.jpg\",\"datePublished\":\"2015-02-26T20:42:38+00:00\",\"dateModified\":\"2015-02-26T20:42:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Revel sale agreed with Glenn Straub who plans to reopen the property as a casino \/ life extension science center.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-sold-to-florida-billionaire-straub-for-82-million\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/revel-sold-to-florida-billionaire-straub-for-82-million\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/revel-sold-to-florida-billionaire-straub-for-82-million\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/02\/l_20141007_133543.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/02\/l_20141007_133543.jpg\",\"width\":600,\"height\":500,\"caption\":\"Back from the dead: Glenn Straub finally gets his hands on the shuttered Revel casino resort, which he plans to turn into a casino-cum-center devoted to life extension science. 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