After Bankruptcy, The Revel Resort Is Ready For Rebirth
By Greg Argos
ATLANTIC CITY, Nj. (CBS) -- At 6.3 million square feet, it's nearly the size of the Pentagon. In less than a month, the Revel Resort in Atlantic City will be reborn.
"The architects produced a beautiful building," said Glenn Straub. He bought the $2.5 billion resort in bankruptcy for $82 million cash in April, 2015. Ever since, he's been tweaking and changing the building to ready it for opening.
"Architecturally, they've done an excellent job," he said. "But, I don't think they've lived in it. They built it. It looks good on paper, but it had to be changed and that's what we've been doing for ten months. Changing certain things in the building."
June 15, he says the co-ed spa will open. Multiple restaurants will take reservations. Bicyclists will whiz by in a course designed in the parking garage and a massive rope course is planned for the lobby.
"That's 144 feet in the area and you will have zip lines that come all the way down," Straub said.
Don't forget about the rooms. Straub says that more than 1,000 of them will open up. As for gaming, that will come a little later.
"The casino will not be open because of the time it takes to get the Department of Gaming to approve new people," Straub explained. The same is true for a new name.
"The casino company, usually for identity reasons, comes up with their own names. As long as it's acceptable, then so be it."
The entire thing will be powered by a private power plant that Straub purchased from the city. "We buy a $180 million power plant across the street for less than $180 million," he said.
Straub added that he isn't sure exactly how much has been spent on renovating the Revel. "We don't keep track of that. We don't have to go to banks. We're a debt free company,"
Straub said.
