Is Glenn Straub, the rebuffed runner-up bidder on Revel Casino Hotel, still eager to invest in Atlantic City? “Oh, hell yeah,” the real estate developer said Wednesday by phone.
Straub said he’s been flying to Atlantic City twice a week since early October, when a federal judge ruled Brookfield US Holdings could buy the bankrupt beachfront property for $110 million.
Straub, whose $95.4 million offer for Revel was declared a back-up bid, is appealing the ruling and still wants the shimmering glass estate, which cost $2.4 billion to build.
Meanwhile, “We’re proceeding with making offers” elsewhere in the area, he said Wednesday. He declined to discuss whether those offers involve the three other casino-hotels sitting fallow on the Boardwalk.
Dozens of properties are for sale in and around Atlantic City, he said. “We need maybe 10 of them.”
The scrappy polo fanatic made headlines when he spoke of building a second tower at Revel and colonizing it with geniuses to solve pressing global problems, such as nuclear waste disposal. Talk of “high-speed catamarans,” elevator-equipped artificial mountains and “super jumbo jets” for Arabian tourists in Atlantic City drew more attention in September.
But whether you consider him a visionary or a fantasist, Straub apparently has the wherewithal to make big things happen here. His company’s $90 million cash offer became the opening bid of a bitterly contested bankruptcy auction for Revel.
Straub said Wednesday that he wants to run a roughly 250-acre complex for equestrian and extreme sports in or just outside Atlantic City.
He said his crew hopes to transform the city into a resort visitors enjoy year-round, “as opposed to four months a year, which is crazy.”
“It will be a nice little hobby for us to put 10 years of our life into.”
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