Developer Glenn Straub Finalizes Purchase of Revel Hotel-Casino in Atlantic City
By David Madden
ATLANTIC CITY, N.J. (CBS) -- After months of wrangling, the $82-million deal to sell the former Revel casino-hotel property to Florida developer Glenn Straub has closed.
Straub now owns the glittering facility, which some might call a "white elephant," that sits at the northern end of the Atlantic City boardwalk.
He will still have to deal with ongoing concerns from tenants and a power-generating company, both of which blocked earlier attempts to close this deal over the last several months.
Straub will be busy over the next several months getting both the former Revel up and the adjacent Showboat up and running. Straub has a $26-million deal to take the Showboat off Stockton University's hands.
Meanwhile, Straub's half-billion-dollar "Phoenix Project," to revitalize Atlantic City as a whole, is just starting to take shape.