Report: Revel Sold to Glenn Straub After All

Photo | Dan McQuade

After all this, Revel will be sold to Glenn Straub.

The Wall Street Journal reported today that the Florida developer and Revel have struck a deal in principle that would see Straub buy the failed casino.

“All issues are pretty well resolved,” Mr. Straub told The Wall Street Journal. “We’re buying what we originally intended to buy, and the dollar figure will reflect that.” The Press of Atlantic City reports the proposed sale price is $82 million. Straub had previously bid $95.4 million for the property.

Straub emerged early on as a suitor for Revel after it closed the morning of September 2nd and was put up for auction.

He proposed various scenarios for the casino, including a “university for geniuses” where the students would be “free, white and over 21.” He said if his plans didn’t work, he could always blow up the building and start over.

Later, Straub said he’d turn Revel into a $108 million water park, the largest in the world. He also said the casino would have high-speed ferry service from Manhattan. Seminole Hard Rock Entertainment recently acquired a New Jersey gaming license and has expressed interest in operating a casino at Revel. Straub has said he wanted to work with an established casino operator. The AP says Straub hopes to be open by summer.

But his plans seemed to fall through when Toronto-based Brookfield won the auction for Revel in October. But Brookfield pulled out of the deal and the casino went to Straub, who by then didn’t want it at the agreed-upon price.

Straub successfully pulled out of the deal last week, but he and his lawyers continued to meet with Revel. Today, it appears, we finally have a deal, unless something changes by the end of this paragraph. Nope, not yet. Think we’re good. For now.

[WSJ]

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