Eccentric and flamboyant Floridian entrepreneur Glenn Straub is taking one last crack at pointing Atlantic City in the right direction. This week, the $2.4 billion Revel casino resort re-opens in Atlantic City. Maybe.
The Revel originally opened in 2012 and was 90 percent financed byMorgan Stanley MS 1.42%. Two years and two bankruptcies later, Revel closed its doors for good.
In April 2015, Straub scooped up Revel for $82 million and announced plans to re-open the resort in June of 2016. According to Bloomberg’s Romy Varghese, Straub has some creative ideas for the 6.3 million-square-foot resort, including a polo club with the ponies stabled in the parking garage, water parks and rope courses, an indoor ski run, a cryotherapy chamber and a university he refers to as the “tower of geniuses” that will explore pressing world problems such as nuclear waste disposal. And, of course, there will eventually be gambling.
Atlantic City’s casino boom peaked back in 2006 when the city brought in a record $5.2 billion in gross gaming revenue. Since then, revenue has steadily declined as neighboring states opened up casinos of their own.
The city lost more than 8,000 jobs when four of the 12 Atlantic City casinos closed up shop in 2012. Roughly a third of Atlantic City’s residents now live below the poverty line.
However, Straub’s rebirth of the Revel is hitting some major bumps in the road. A spokeswoman for the New Jersey gaming regulator called…
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