New Jersey<\/a> regulators who say he needs to get a gaming license if he wants to reopen Revel as a casino. But Straub says he doesn\u2019t need one because he would be outsourcing the gaming operations to a third-party.<\/p>\nUnfortunately for Straub, the New Jersey Division of Gaming Enforcement says he does, and, as the licensing authority, it pretty much gets the last word on the matter.<\/p>\n
Straub still maintains he doesn\u2019t need one.<\/p>\n
Revel was conceived, pre-recession, as a casino to be built on a grand scale that would regenerate Atlantic City.<\/p>\n
Work started in 2008 just as the global economic downturn bit into the property market. Developers hit financial difficulties during construction, especially when financial backer Morgan Stanley walked out on the project, and they had to borrow heavily to complete it. The resort never achieved profitability and was losing $2 million per week at the time of its closure.<\/p>\n
But Keating called Revel \u201cone of the world\u2019s top experiential destinations\u201d and Atlantic City \u201ca jewel that deserves the right setting.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Revel, Atlantic City has a determined suitor, although its current owner, the eccentric Florida property developer Glenn Straub, is either oblivious or he\u2019s playing it coy. New York-based private investment firm Keating & Associates has announced it has offered $225 million for the property, a small increase on the $220 million it bid earlier in […]<\/p>\n","protected":false},"author":42,"featured_media":58814,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,60,18],"tags":[],"acf":[],"yoast_head":"\n
Revel Receives $225 Million Offer from Investment Firm Eyeing 'Global Potential,' Straub Claims Ignorance<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n