Is Revel for Sale?

Glenn Straub, the Florida real estate developer who purchased the Revel casino resort , is looking to sell the massive Atlantic City property. But it appears that Straub would only sell the Revel at a profit, as his recent comments indicate.

“I’ll go and sell it to international people. That’s what we need,” he said, while confirming that “his strategy hinges on high-rollers ferried and flown to Atlantic City.”

If Straub doesn’t get his inflated price for the resort, which he paid $82 million for through an auction, then he’s looking to develop it into a number of business. Some of the ideas that have been tossed out by his group, Polo County North, include a water park, night club or tribal gaming operation (if sold or leased).

Assuming he did sell the Revel, which, at a $200 million price tag wouldn’t be easy, it would be no surprise given the Revel’s topsy-turvey history. Opened in April 2012, the $2.4 billion resort was supposed to usher in a new era of Vegas-style gaming in Atlantic City. But instead, all that happened was the casino losing massive amounts of money. By the summer of 2014, the Revel was closed and looking for a new buyer, which eventually became Straub (after one bidder pulled out).

This has subsequently led Straub to deal with plenty of headaches, namely a battle with Revel’s power supplier, ACR Energy. Polo County North claims that ACR’s $3 million a month bill to Revel is ridiculously high and have even accused the energy supplier of gouging the casino. ACR, on the other hand, has filed papers to keep the casino closed until a power deal is worked out, citing that it would be unsafe for Straub to run his own generators.

Given all of the problems that have plagued the casino, which still hasn’t been converted into another business, it’s little surprise that the property’s chief engineer, John Lezenby, quit his job. “It wasn’t fun babysitting an empty building,” Lezenby told Philadelphia Business Journal. “I want to be in a building that has customers.” This leaves nine engineers and four security guards on the job, who watch the casino 24 hours a day until something happens with it.