ATLANTIC CITY, N.J.
According to published reports, Florida developer Glenn Straub’s recent $90 million bid for the bankrupt Revel casino in Atlantic City, N.J., is only the tip of the iceberg.
Straub has now shared an ambitious plan to invest $1.5 billion in real estate in the iconic seaside community, which has seen more than its share of hardship recently, including the massive damage caused by Hurricane Sandy in late 2012 and some substantial casino hotel closings of late that included Showboat and the Revel.
Straub's bid for the Revel became public last Wednesday when the contract was filed in a New Jersey bankruptcy court. He has now indicated that the Revel occupies just one of eight Atlantic City blocks he has set his sights on.
Among Straub’s current holdings is the sprawling Palm Beach Polo and Country Club in Wellington, Fla. He has reportedly been unforthcoming about specific details regarding his future plans for Atlantic City, but word has it that Straub’s agenda is a fit for the city’s recently announced plans to diversify away from a gaming emphasis.
Meetings Focus will provide updates on the situation as they become available.
