Straub bought ACR Energy Partners, for $30 mil.

City Council of Atlantic City was threatening Glenn Straub with condemnation of Revel. Straub barely noticed. He was busy doing a deal with ACR Energy Partners and their anxious bond holders. Straub will now look for casino operators interested in a 30-year lease at the former Revel. He needs someone to run the scaled down gambling operations at the site. He hopes to open the property by Summer 2016. It might even include an indoor-outdoor water park.
The deal needs to be signed by December 2. By then, Straub will purchase the powerplant from ACR for $30 million. ACR will then deposit $15 million into escrow to pay off bondholders.
DCO, an independent energy development company based in Mays Landing, will manage the new Revel boilers. They will operate the power plant too. And as a cherry on top/one finger salute, Straub will open a direct account with Atlantic City Electric and South Jersey Gas.
For close to 15 months, ACR made life miserable for the Florida developer. Imagine, $100 mil in cash and ready to invest in a new Atlantic City. But no. Nothing but 15 months of roadblocks. ACR tried to force Straub to buy it’s over-priced utility service. Unfortunately, ACR was moments away from foreclosure, and Straub just held on.
Ironically, Atlantic City Council president Gilliam wanted to award the Revel & surrounding properties to a firm associated with ACR energy partners.
Atlantic City Councilman Gilliam believes the former Revel Casino owned by Glenn Straub is blighted.
He mentioned the possibility of condemning the spectacular property on the north end of the boardwalk. No word if Atlantic City Council feels the same way about the shuttered and visually nasty: Trump Plaza and Atlantic Clubs.