Casino License for TEN

Glenn Straub turned a profit selling Revel Casino Hotel to Bruce Deifik for $200 million after buying it for $82 million from its original owners.

ATLANTIC CITY — Even after turning a profit by selling off a once-bankrupt casino hotel, former Revel owner Glenn Straub stands to cash in from the opening of Ocean Resort Casino.

The Florida-based real estate developer sold the casino, a power plant and two accompanying leases to Bruce Deifik in January for a total of $229 million. Straub paid $82 million to buy the shuttered $2.4 billion Revel from a bankruptcy court in 2015 and later that year purchased the power plant for $30 million. As part of the sale to Deifik, Straub’s company, Polo North Country Club LLC, retained rights to certain parking fees generated by the casino hotel for a period just shy of a century.

Beginning in 2021, Straub will collect $1.50 for each car parked in the garage of Ocean Resort, and in 2028, the fee will increase to $4 per car, according to Ocean Resort officials’ testimony to the Casino Control Commission on June 20. Officials with the casino estimate that arrangement to cost $975,000 by the 2021 fiscal year.

Straub, 71, declined to confirm the deal when reached Thursday, citing confidentiality agreements, but said, “We’ll be involved, I’ll say that much. We’ll be involved for 99 years.”

Straub is a sore subject for Deifik, a Colorado-based developer with Nevada casino investments. When Deifik was asked during the licensing hearing in June about his relationship with Straub, he testified the two had only met twice.

“More than I needed to,” Deifik quipped, before detailing how he had been writing checks for Straub’s unpaid payments in lieu of taxes, or PILOT, to the tune of $2 million per month.

During the three years that Straub owned the property, he fought with the casino commission and the Casino Reinvestment Development Authority about the steps he needed to take to reopen Revel, which he rebranded TEN.

But, as it turns out, Deifik — and Atlantic City — may be seeing more of Straub.

The multimillionaire’s investment in the city did not end with the sale of the casino hotel. According to tax records, Polo North owns 43 parcels in the South Inlet, including three properties on the Boardwalk and multiple plots of land on Rhode Island and Metropolitan avenues in the shadow of Ocean Resort.