The last couple of months have been quite eventful as far as the Atlantic City casino industry is concerned. Local authorities have been trying to deal with the crisis caused by the closure of four casino venues back in 2014. Probably none of the market analysts would have expected these closures to have such a devastating effect on the Atlantic City casino industry.
In order to deal with the issues, Governor Chris Christie appointed an emergency team that was expected to propose a long-term solution for the financial issues.
Meanwhile, one of the shuttered casinos – Revel – is to have its new owner within the next few days. The battle for the Showboat Casino continues as Taj Mahal executives are far from happy with the plan proposed by Stockton University officials.
However, it seems like there is one person who is to be held responsible for the upcoming revival of the Atlantic City gambling sector. Glenn Straub has already started his Phoenix Project, believed to be beneficial to the local economy.
Mere days ago, the Florida developer finally acquired Revel Casino for the amount of $82 million. Although the deal has not been finalized yet, it was announced that Mr. Straub is to take over the reins of the property and deal with the tenants’ demands without any legal lawsuits. Rumour has it that Revel will be opened for visitors by the summer.
Last Friday, Mr. Straub hinted that Revel would not be the only casino he will be in charge of but remained tight-lipped about his next actions.
However, it became clear that Glenn Straub is now involved in the acquisition of Showboat, which has been making the headlines recently because of disagreements between Stockton University and Taj Mahal Casino executives.
Mr. Straub put up as much as $26 million for the acquisition of the Showboat but legal issues are likely to pose a setback to the purchase since the Stockton Univesrity is the current owner of the shuttered property.
In a special statement released on the matter, Mr. Straub announced that the acquisition of the Showboat is a part of the so-called The Phoenix Project. As its name suggests, The Phoenix Project is expected to rise the struggling economy of Atlantic City from the ashes. Glenn Straub is willing to invest $500 million into the project.
As already reported, the executives of the casino next door – Taj Mahal, opposed the utilization plan, proposed by Stockton University officials and stated that they are totally against the establishment of a college campus and a dormitory in a close proximity to their property.
As far as the essence of The Phoenix Project is concerned, it will consist of eight phases, all aimed at bringing the old glory of Atlantic City back. Apart from utilizing the former casino properties, the plan also includes a thorough redevelopment of Bader Field Airport, establishment of a sports complex and availability of ferry services, connecting New York and Atlantic City.
What made the Florida developer start such a massive project was to prove that the American dream was still alive. He also stated that he has fond memories from his visits to Atlantic City in the past and wants to transform the city into the thriving place it used to be.
