Straub says he’ll win casino bet where Trump lost

The owner of Palm Beach Polo Golf and Country Club in Wellington is investing in Atlantic City

TRD MIAMI /
Apr.April 16, 2016 04:00 PM

Wellington real estate developer Glenn Straub says his casino investment in Atlantic City will succeed where Donald Trump’s failed because Trump’s investment was too leveraged, Forbes magazine reported.

“He borrowed too much money. We’re debt-free. We never buy anything we can’t pay cash for,” Straub told Forbes in a wide-ranging interview, which spanned his plan for the Revel Atlantic City resort and his opinions on Trump.

Straub, owner of the Palm Beach Polo Golf and Country Club in Wellington, told the magazine that Trump “thinks, eats and sleeps business. He’s one of the smartest people I know. …  He’s been bankrupt, there were times he didn’t make money. I take my hat off to him. He works his ass off.”

Straub also  told Forbes he would vote for Trump in the presidential election, predicting that he will moderate his views on various issues: “He’s going to mellow.”

In April 2014, Straub won approval from a bankruptcy judge to pay only $82 million for Revel Atlantic City, the 47-story, 6.3 million-square-foot hotel and casino after it opened and closed in 2014. Revel cost $2.4 billion to build.

Straub’s $500 million plan to reinvigorate the Revel property include the addition of year-round recreational attractions, including equestrian facilities.

He told Forbes it will be “a recreation-based facility along with casinos” featuring indoor water parks and an arena with seating for 5,000. [Forbes] — Mike Seemuth


Related Articles

arrow_forward_ios
Glenn Straub and the Palm Beach Polo and Country Club property (Credit: Google Maps)

Glenn Straub sells piece of Wellington polo club after failed development attempt

Daily Digest Miami

How Epstein hid ownership of second island, CK Holding Group buys Miramar retail: Daily digest

Daily Digest Miami

Felix Cohen buys two vacant lots on North Bay Road, Controversial Walmart site in Midtown Miami sells for $26M: Daily digest

Donald Trump at Trump National Doral (Credit: Getty Images)

Former members of Trump Doral may have to wait decades to get their deposits back

President Donald Trump (Credit: Getty Images, Mar-A-Lago Club)

Trump properties in Palm Beach County could get $1.5M tax bill

Daily Digest Miami

Alleged Russian fraudster is co-owner of condo project in Chapter 11, Miami Design District property under contract: Daily digest

Fritz Kundrun and 4481 Garden Point Trail (Credit: Realtor)

Trust tied to coal mining magnate buys 27-acre Wellington horse farm

Dmitry Rybolovlev, Donald Trump, and 5252 North Country Road (Credit: Getty Images)

Russian oligarch sells last piece of former Trump estate in Palm Beach for $37M

arrow_forward_ios