After multiple setbacks Revel Casino was finally acquired by the Florida developer Glenn Straub mere days ago. However, another issue arose and the shuttered casino is to be left without electricity supply within a few hours.
ACR Energy Partners, the company that is the only option for Revel to be supplied with electricity, announced that Mr. Straub and his lawyers will be notified about the cutoff that is to become effective today, at noon.
ACR Energy attorney, Timothy Lowry, was reached for a comment and said that the company has put a lot of efforts into reaching an agreement with Polo North Country Club but at the end, they had no other alternative but to cut Revel’s electricity off.
What made them particularly dissatisfied was the fact that Mr. Straub had no clear stance on the matter. He announced that he will not need the service of ACR but later said that the Showboat can supply Revel with electricity. Mr. Lowry also emphasized that ACR cannot afford it to provide power without being paid for the service.
Stuart Moskovitz, the lawyer of Glenn Straub, said that representatives of the power plant did not get in touch with him on Wednesday.
The expensive maintenance of the power plant was the main reason why it took so long for Revel to be sold. It was built especially for meeting the electricity needs of the casino. Back in 2014, Brookfield Asset Management walked out of the deal due to the expenses they were to spend for maintenance.
Over the last several months ACR has kept warning that if the bill is not paid, Revel will be left without electricity. Glenn Straub was unwilling to continue working with the energy supplier. He announced that Revel will be supplied with electricity via portable generators. He also proposed the property to be connected to the utility grid of Showboat, the other closed casino he purchased a few days ago.
People familiar with the matter revealed that a solution needs to be found as soon as possible, otherwise the lack of electricity will lead to serious issues with the pipes, if the property is not appropriately heated. Revel is a glass-enclosed property, which, therefore, means that it will be covered in mold, if the electricity issues is not promptly solved.
