Here Is Glenn Straub’s $500 Million Plan to Transform Atlantic City
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.
“If he builds the Phoenix Project — and I think he will — you’re going see people coming to Atlantic City for the reasons they were supposed to come to Atlantic City 30 years ago,” Straub attorney Stuart Moskovitz told NJTV.
- Straub has entered into an agreement with Stockton University to purchase the former Showboat casino for $26 million. Stockton bought the casino late last year, but it’s being held up due to legal wrangling with Trump Taj Mahal. The Trump Taj says a 1988 covenant says the Showboat must be used for a casino; under the agreement with Straub, Stockton can buy or lease all or part of the casino to use for educational facilities.
- Straub says he will build the never-completed second Revel tower. “The seven floors are already in. We’re just running 40 more floors,” he told The Press of Atlantic City. Straub says he needs another $300 million to build that tower.
- The plans extend past the North end of the boardwalk. Straub intends to submit a proposal for Bader Field, the former Atlantic City airfield that was the first in the country to be called an “airport.” He wants to re-open it as an airport that will cater to regional travel, perhaps flying in high-rollers. Previous concept proposals, such as those unveiled last month, do not call for an airport at the site.
- But, wait, there’s more. Per a release from Stockton, Straub’s $500 million plans include an “extreme sports complex … two marinas with capacity to host super yachts, a world-class multipurpose equestrian complex, indoor and outdoor waterparks, two universities, a pier project with laser light shows, as well as high-speed ferries and helicopter service connecting Manhattan and Atlantic City.”
“As the name of the project signals,” Straub said in a statement, “the Phoenix rises out of the ashes to be reborn and will evolve to include diversified collection of projects including eight parts designed to show that the American dream is still alive and well.”
Straub hasn’t revealed any more details, but requests for proposal for Bader Field are due next week. Straub says he will submit one by the deadline.
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