Wellington developer gambles on Atlantic City

A Wellington-based developer made a $90 million bid for a bankrupt casino in Atlantic City and says he plans to invest $1.5 billion the property.

Glenn Straub’s offer for the Revel Casino Hotel went public Wednesday after the contract was filed in bankruptcy court in New Jersey, according to the Palm Beach Post. The hotel was the setting of football player Ray Rice’s domestic violence incident in February.

The next day, Straub announced that the Revel — which was originally built at a cost of $2.4 billion — occupies just one of eight city blocks he’s targeting in Atlantic City.

“We’ve been working behind the scenes and tying up property,” Straub said. “We have a lot of them under agreement, but they’re all under confidentiality.”

Straub is the owner of the 2,200-acre Palm Beach Polo and Country Club in Wellington.

And while Straub has been reluctant to outline his vision for the casino, he has hinted that gambling will be only a small part of his grand vision, according to the Palm Beach Post.

We won’t tell everybody what it is until we get all the sites tied down,” Straub said. [Palm Beach Post] – Christopher Cameron