Investor Glenn Straub has been vocal about plans to revitalize Atlantic City with a half billion dollar investment. A judge’s ruling last week approving his purchase of the bankrupt Revel Casino for $95.4 million brings him one step closer to making good on the plan.
Straub told the Wall Street Journal that his acquisition of the 47-story hotel and casino, which originally cost $2.4 billion to build, is only the beginning of plans to invest $500 million in the city and develop a water park, a Ferris Wheel, a man-made mountain for skiing and launch a soccer franchise.
“We didn’t come to Atlantic City to buy Revel,” Straub told the Journal. “We were going in there to buy five or six major holdings. We personally will spend a half billion dollars up there.”
Straub also mentioned plans to expand Atlantic City’s airport and build a Revel university for “geniuses” studying global problems like disease and nuclear-waste disposal.
Straub, who owns more than 600 properties, including golf clubs and marinas, bid $90 million for the Revel in September. He was beat out by Brookfield Asset Management, but that deal ultimately fell through. [WSJ] — Tess Hofmann