{"id":58813,"date":"2017-09-18T15:30:03","date_gmt":"2017-09-18T22:30:03","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=58813"},"modified":"2017-09-18T23:29:39","modified_gmt":"2017-09-19T06:29:39","slug":"revel-receives-225-million-offer","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/revel-receives-225-million-offer\/","title":{"rendered":"Straub Dismissive of Suitor’s $225 Million Offer for Revel Casino in Atlantic City"},"content":{"rendered":"

Revel, Atlantic City has a determined suitor, although its current owner, the eccentric Florida property developer Glenn Straub, is either oblivious or he\u2019s playing it coy.<\/p>\n

\"Glenn
Eccentric Florida property developer Glenn Straub has had his hands full with Revel over the past two and a half years, but he\u2019s apparently not ready to offload it yet. A $255 million bid was barely acknowledged this week. (Image: Philadelphia Inquirer)<\/figcaption><\/figure>\n

New York-based private investment firm Keating & Associates has announced it has offered $225 million for the property, a small increase on the $220 million it bid earlier in the year.<\/p>\n

Revel, or TEN, as it has recently been rechristened, has been shuttered since September 2014,<\/p>\n

\u201cWe feel that the Revel is a magnificent property that was never positioned the way that it should have been within the marketplace,\u201d said Jeffery Keating, co-chairman of Keating and Associates, in an official statement. \u201cWe see it as a brand with global potential and Atlantic City to be an incredible launching point.\u201d<\/p>\n

But over the weekend Straub<\/a> denied any knowledge of Keating & Associates and their offer to the Press of Atlantic City, in a tone the Press described as \u201cangry.\u201d<\/p>\n

\u201cI haven\u2019t heard of any offer,\u201d Straub said. \u201cIt\u2019s costing me a million dollars a month to keep this place.<\/p>\n

\u201cOne day we counted all of the offers that we have received, and we counted 105,\u201d he added. \u201cThe problem is that people make offers and no one puts a dollar down.\u201d<\/p>\n

Straub\u2019s Legal Wrangles<\/strong><\/h2>\n

Straub acquired the $2.4 billion casino resort in February 2015 for $85 million and initially said he would reopen it as a non-gaming property. His first plan was to convert Revel into \u201can elite university,\u201d whose students would devote themselves to solving the world\u2019s problems.<\/p>\n

Next, he decided he would reopen it as a casino instead, albeit one devoted to \u201clife-extension science.\u201d But he pivoted again, opting for an \u201cextreme sports center,\u201d which is perhaps the extreme opposite to life extension science.<\/strong><\/p><\/blockquote>\n

Straub claimed he would reopen Revel \u201cwithin weeks\u201d of purchasing the property but his ownership has been beset by legal wrangling, first with the adjacent plant supplying power to the building, and then with the city, which designated Revel a fire risk when Straub cut off the official source of power and began relying on portable generators.<\/p>\n

Licensing Disagreement<\/strong><\/h2>\n

His current beef is with New Jersey<\/a> regulators who say he needs to get a gaming license if he wants to reopen Revel as a casino. But Straub says he doesn\u2019t need one because he would be outsourcing the gaming operations to a third-party.<\/p>\n

Unfortunately for Straub, the New Jersey Division of Gaming Enforcement says he does, and, as the licensing authority, it pretty much gets the last word on the matter.<\/p>\n

Straub still maintains he doesn\u2019t need one.<\/p>\n

Revel was conceived, pre-recession, as a casino to be built on a grand scale that would regenerate Atlantic City.<\/p>\n

Work started in 2008 just as the global economic downturn bit into the property market. Developers hit financial difficulties during construction, especially when financial backer Morgan Stanley walked out on the project, and they had to borrow heavily to complete it. The resort never achieved profitability and was losing $2 million per week at the time of its closure.<\/p>\n

But Keating called Revel \u201cone of the world\u2019s top experiential destinations\u201d and Atlantic City \u201ca jewel that deserves the right setting.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Revel, Atlantic City has a determined suitor, although its current owner, the eccentric Florida property developer Glenn Straub, is either oblivious or he\u2019s playing it coy. New York-based private investment firm Keating & Associates has announced it has offered $225 million for the property, a small increase on the $220 million it bid earlier in […]<\/p>\n","protected":false},"author":42,"featured_media":58814,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,60,18],"tags":[],"acf":[],"yoast_head":"\nRevel Receives $225 Million Offer from Investment Firm Eyeing 'Global Potential,' Straub Claims Ignorance<\/title>\n<meta name=\"description\" content=\"Keating & Associates ups bid for Revel but current owner Glenn Straub is playing it coy.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revel Receives $225 Million Offer from Investment Firm Eyeing 'Global Potential,' Straub Claims Ignorance\" \/>\n<meta property=\"og:description\" content=\"Keating & Associates ups bid for Revel but current owner Glenn Straub is playing it coy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/revel-receives-225-million-offer\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-18T22:30:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-09-19T06:29:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/09\/z1njxglen16c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/revel-receives-225-million-offer\/\",\"url\":\"https:\/\/www.casino.org\/news\/revel-receives-225-million-offer\/\",\"name\":\"Revel Receives $225 Million Offer from Investment Firm Eyeing 'Global Potential,' Straub Claims Ignorance\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-receives-225-million-offer\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-receives-225-million-offer\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/09\/z1njxglen16c.jpg\",\"datePublished\":\"2017-09-18T22:30:03+00:00\",\"dateModified\":\"2017-09-19T06:29:39+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Keating & Associates ups bid for Revel but current owner Glenn Straub is playing it coy.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-receives-225-million-offer\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/revel-receives-225-million-offer\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/revel-receives-225-million-offer\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/09\/z1njxglen16c.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/09\/z1njxglen16c.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Eccentric Florida property developer Glenn Straub has had his hands full with Revel over the past two and a half years, but he\u2019s apparently not ready to offload it yet. 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