Revel Owner: Atlantic City 'A Perfect Place To Put Money'Glenn Straub Spending $500M On Atlantic City Investments |
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Despite Atlantic City’s dire financial situation, the owner of the most expensive casino in the city’s history is confident in a recovery of sorts.
Real estate developer Glenn Straub, who bought the $2.4 billion Revel casino that closed its doors in 2014, has plans to re-open part of it under a different name in June. Straub bought the casino in 2015 for just four cents on the dollar.
In a recent interview with Forbes, Straub defended the high-stakes purchase.
“You need to get down [to Atlantic City],” Straub said. “They tore down over 1,000 houses and they moved everyone who was panhandling out of the city. I’ve committed $500 million and Carl Icahn has committed at least that much. Atlantic City is a perfect place to put money. It’s going to multiply by ten times what it’s now worth.”
Straub’s plans for Revel, which will be a “recreation-based facility along with [a] casino,” comes as states voters will decide in a November referendum on whether to end Atlantic City’s decades-long casino monopoly in the Garden State.
Ichan said he won’t be pumping $100 million into the Trump Taj Mahal if casinos in north Jersey are allowed.
Earlier this month, New Jersey decided to sue Atlantic City over control of the last remaining money in its coffers. Atlantic City’s debt stands at $240 million.
Despite the struggles, gross operating profits for the city’s eight remaining casinos grew by 40 percent in 2015, New Jersey gaming regulators said April 7.
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