A Beacon of Light for Atlantic City, Sort Of

Revel - Atlantic City - Revel ball

Revel on September 1st, 2014, the day before it closed. (Photo: Dan McQuade)

It may not have been the greatest beacon of light, but Atlantic City will take what it can get.

The ball at the top of the Revel lit up earlier this week, as if to remind the town that, yes, a $2.5 billion casino did open here and close less than three years later. (Revel is the tallest building in the city.) Read more »

City With Biggest Unemployment Rate Drop is … Atlantic City?

Yes, there were four casino closures in the past two years. Yes, it had the highest foreclosure rate in the country for four consecutive months. Yes, the Revel casino sits vacant — looking like a weird post-apocalyptic fortress.

But alas, there’s good economic news out of Atlantic City. It had the largest drop in unemployment rate of any U.S. metropolitan city, according to Reuters. Measured year-over-year from October to October, Atlantic City’s jobless rate fell to 7.7 percent — 2.5 percentage points lower than last year. Read more »

Revel Owner Glenn Straub: House Syrian Refugees at Ex-Casino

Revel - Atlantic City casino hotel

Revel on its last full day of operation in 2014. (Photo: Dan McQuade)

The Syrian refugee crisis is a tragedy with no end in sight. And winter on its way, refugees will be facing new struggles in the coming months.

Enter Glenn Straub. It’s been a while since we checked in on the owner of the former Revel casino in Atlantic City, but today he gave an interview to the Associated Press about the casino, still shuttered more than a year after it closed.

And, yes, he has an idea. Read more »

Can the Revel Become a Destination for Chinese Gamblers?

Photo | Dan McQuade

Photo | Dan McQuade

The latest New Yorker, out today, has a story by reporter Nick Paumgarten about “The Death and Life of Atlantic City,” taking a sprawling look at the city’s recent decline — and focusing fairly closely on the role Florida developer Glenn Straub, who now owns the bankrupt Revel Casino, and his possible plans for its future.

Five highlights from the story: Read more »

Here Is Glenn Straub’s $500 Million Plan to Transform Atlantic City

Revel casino

Photo | Dan McQuade

Yes, it finally happened. Yesterday, a judge approved the sale of Revel to Florida developer Glenn Straub for $82 million. The failed casino cost $2.4 billion to construct. As multiple reports pointed out, that’s four cents on the dollar.

Per the Inquirer, Straub is staying in Revel’s room 327 until his yacht arrives at the Frank S. Farley Marina. But Straub has plans for Atlantic City that go past Revel. Here is a sampling of what he plans to do. He’s calling it The Phoenix Project. Read more »

Judge Declines to Approve Sale of Revel to Glenn Straub

A shuttered Revel in November 2014 (Photo: Dan McQuade)

A shuttered Revel in November 2014 (Photo: Dan McQuade)

You’re not going to believe this.

No, wait, you probably will. U.S. Bankruptcy Judge Gloria M. Burns today did not approve the sale of the failed Revel casino to Glenn Straub. The hold-up is a pending appeal by several clubs and restaurants inside Revel that opposed Straub’s purchase of Revel. Burns stayed that sale in January.

Here’s where things get complicated: That sale is actually dead. Straub didn’t complete it. But Revel and Straub then struck a deal for Revel at a lower price. Still, per the Inquirer, the previous ruling means Burns doesn’t have jurisdiction to approve the new sale.

But wait, there’s more. Read more »

Revel Sale Postponed. Again.


Stop us if you’ve heard this before: A judge has put the sale of the Revel Casino on hold as a new bidder for the shuttered Atlantic City property has emerged.


The week-long postponement comes after a Los Angeles real estate developer emerged with a last-minute effort to purchase the property and as former tenants and the Atlantic City resort’s power plant raised objections to the proposed sale.

Florida investor Glenn Straub’s company, Polo North Country Club, struck a deal with Revel AC to buy the resort for $82 million last month.

“I need to be convinced that it is the best deal the debtors can get,” U.S. Bankruptcy Judge Gloria M. Burns said today. “I have a lot of questions but the big question that I have is this in the best interest and I can’t tell that yet.”

Izek Shomof, a Los Angeles real estate developer, is the new potential bidder. The Revel cost $2.4 billion to build, opened in 2012, and filed for bankruptcy twice before closing its doors. A previous sale to a Canadian company fell through, and it has appeared several times that Straub’s attempts to buy the property had faltered.

Report: Revel Sold to Glenn Straub After All

Photo | Dan McQuade

Photo | Dan McQuade

After all this, Revel will be sold to Glenn Straub.

The Wall Street Journal reported today that the Florida developer and Revel have struck a deal in principle that would see Straub buy the failed casino.

“All issues are pretty well resolved,” Mr. Straub told The Wall Street Journal. “We’re buying what we originally intended to buy, and the dollar figure will reflect that.” The Press of Atlantic City reports the proposed sale price is $82 million. Straub had previously bid $95.4 million for the property. Read more »

The (Second) Revel Sale Is Dead. What Now?

A shuttered Revel in November 2014 (Photo: Dan McQuade)

A shuttered Revel in November 2014 (Photo: Dan McQuade)

Revel looks like it’s headed back to the auction block.

Yesterday, a judge terminated Florida developer Glenn Straub’s agreement to purchase the failed casino for $95.4 million. This is the second deal to fail; in December, a deal to Toronto-based Brookfield fell through.

So what now? The Press of Atlantic City says attorneys for both sides are still talking. Revel’s attorney said if Straub “came forward today ready to close, I suspect that we would take his money.”

But Straub tells the Inquirer he’s out, though. “We’re not going to buy it again,” he says. “We have to move on.” A judge ruled Revel can keep Straub’s $10 million deposit, but told it not to spend it yet. Straub’s attorney plans to appeal, while Revel will ask a judge if Revel can start spending the money immediately. Read more »

« Older Posts