Energy Company Shuts Off Power to Revel Casino
Photo | Dan McQuade
Glenn Straub now owns a $2.4 billion casino with no way to power slot machines. Or, lights. Or, anything.
Today, ACR Energy Partners — the energy company founded to power the failed casino — shut off the power to Revel.
An attorney for ACR says the power was shut off a little after 2:15 p.m. He said the company was happy to provide Revel with power at a fair rate, but did not reach a deal. Before Straub’s purchase closed late last week, ACR had been forced by the bankruptcy court to keep giving power to the casino.
The company sent word to new owner Glenn Straub last night that it would shut off the power today. Per the Press of Atlantic City, Straub said he offered $300,000 for power the next two weeks but that ACR was “trying to blackmail us into signing a 20-year agreement for some $300 million.”
Straub is attempting to get generators for Revel. In the future, he hopes to connect the power to Showboat, another failed casino he has entered into an agreement to purchase. Revel is currently not connected to the power grid. The casino is ACR’s only customer.
Follow @dhm on Twitter.