New Revel Owner Threatens To Abandon CasinoProperty Could Sit Vacant For Years |
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The Revel drama is far from over, as the buyer has threatened to scrap the redevelopment project altogether, even after a torturous process to buy it recently concluded.
The utility company that once supplied power to the shuttered casino in Atlantic City decided to shut off service to the casino over a dispute with new owner, Florida real estate developer Glenn Straub. Straub was being fined $5,000 a day by the state for not having the fire suppression systems on, and so he decided to bring in generators.
Now, state environmental regulators are threatening to fine him for parking the generators next to the casino, reported Press of Atlantic City.
It’s a mess, and Straub said he might leave the property as the most expensive eyesore the seaside town has ever seen. The casino cost $2.4 billion to build and closed after two years in business. Straub managed to buy the casino, which he’d rename, for $82 million.
“I’ll pack my bags and this [Revel redevelopment project] will sit here for three years,” he said. “People, if you’re going to stand in our way, we’re packing our bags and headed down south…I’m starting to buck up against a lot of details that cause people to go out of business…I can see why Caesars shut down Showboat.”
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