Glenn Straub, the Florida developer who has been trying to become an owner of the shuttered Revel Casino for quite some time, is finally going to acquire the property despite the deal termination announced last week.
In point of fact, Mr. Straub is to pay a smaller sum than the initially proposed bid. If the deal had not been terminated, Straub would have paid the price of $95.4 million. However, things changed a little when Judge Gloria Burns announced that the deal is not going to be completed but a new one can be proposed instead. At the end of the day, the Florida developer is to acquire the venue for $82 million.
The lawyer of Mr. Straub, Stuart Moskovitz, announced that the deal is expected to be closed no later than March 31st. If everything goes according to the plan, a part of the complex that is to be established, will open doors towards the beginning of the summer.
Mr. Straub seemed reluctant to discuss the eventual establishment of a casino within the renovated property, though.
Yet, in a special statement on the matter, his lawyer revealed that Polo North officials and Mr. Straub in particular will put a lot of efforts into finalizing the operational plan and making a successful business out of the currently shuttered property.
Straub is planning to invest $50 million into making the exterior more appealing and the lobby area more accessible. In addition, spa facilities are to be available, too.
However, the fact that Glenn Straub will acquire the property at last, does not mean that the existing problems that prevented the first and the second deal from closing, have been solved.
The first issue is the maintenance of the power plant and the other is the problem with Revel’s tenants. For now, it remains a secret how Mr. Straub is going to deal with them.
People with knowledge on the matter reminded that if ACR Energy Partners stops providing its services, the property will be left without air conditioning and heating.
As for the former tenants, Straub’s attorney said that his client is to accept the decision of the court, no matter what it is.
Mere hours ago, it was announced that both sides will seek court approval as soon as possible, so Mr. Straub can take the reigns of the property. It is still unclear what the name of the new venue will be but one thing is for sure – it will definitely not be called Revel.
