Could Revel Be Open Again in a Matter of Weeks?
It's certainly a long shot, but anything could happen.
A judge ok'd a September 24th auction for the bankrupt Revel Casino (or whatever their going to call it). Glenn Straub, a real estate developer from Florida, has not only expressed interest in buying the property but has a $90 million dollar cash offer ready.
If all goes well, Straub hopes to re-open parts of the building. His attorney stated 'We don’t want a vacant building when winter comes.' (Press of Atlantic City) Straub also added that 'there will be a casino at the property but that it won't be the dominant draw. His prospective deal to buy Revel does not require him to run a casino there. A Revel attorney said Monday that the former casino-hotel will surrender its casino license.'
When asked about his motive behind buying the property, Straub said 'I need something to do. I need a hobby.' Must be nice to have 90 million dollars lying around for 'something to do'. After all, Revel only cost 2.4 billion dollars to build.