Bidder for Revel: If My Plan Doesn’t Work, We’ll Blow Up the Building
Yesterday, we told you about the Florida bidder offering $90 million for Revel. Now, we have more information on Glenn E. Straub’s plans for the gorgeous, shuttered, $2.4 billion casino.
Straub has purchased “distressed” properties for the last 20 years, and the Revel is his latest project. Atlantic City’s mayor said he expected the property to go for $25 to $50 million eventually — so this $90 million is quite the premium. Then again, a $90 million purchase is about 96 percent off the original price.
The auction hearing for Revel is September 24th. Straub says he has several ideas for the property, not necessarily involving a casino. He told the Inquirer if what he did ended up not working, he’d implode the Revel.
“We’re going to be doing six, seven more things there. If it makes money, that’s good. Pat us on the back. If it doesn’t make money, then we close her down just like Miami Arena and we blow it up,” Straub said.
Miami Arena — built in 1988 — was originally the home of the Heat, the Panthers and the University of Miami men’s basketball team, but was somewhat obsolete 10 years later and made redundant when the American Airlines Center opened in 1999. If you’re wondering, the Panthers are an NHL team and now play in Sunrise, Florida.
The Inquirer also noted that Straub “spoke cryptically of a high-speed way to get people to Atlantic City from New York.” A hyperloop hipsters can ride from Brooklyn to Atlantic City! Whatever his plans, this is going to be great in some way.