Expert Says a Revel Buyer Will Need Very Deep Pockets To Succeed
By David Madden
ATLANTIC CITY, N.J. (CBS) -- With word that the Revel hotel-casino could soon be sold to a Florida developer for $90 million, hopes are rising that the move could create a domino effect along the Atlantic City boardwalk.
Reports indicate that developer Glenn Straub wants nothing to do with a casino, assuming the deal goes through in federal bankruptcy court. But what he might do with the $2.4-billion property is not clear.
Israel Posner, a professor at Stockton State College of New Jersey, suggests that Straub -- or whoever gets Revel -- had better be ready to make a major, long-term commitment.
"Someone needs to have a tremendous vision (and) tremendously deep pockets to be able to transform that property so that it is consistent with whatever he wants to introduce into the marketplace," Posner says.
And Posner believes a Revel sale could stimulate interest in other closed casino properties in this South Jersey shore town.