Deal Or No Deal For The Revel? Depends On Who You Talk To

ATLANTIC CITY, N.J. (CBS) — There are new reports of a second proposal for someone to take the former Revel Hotel and Casino in Atlantic City off the hands of Florida developer Glenn Straub.

But he insists there’s no deal with anybody.

New York investors supposedly offered $225 million to Straub during the summer. Now there’s reportedly a document on file with the Atlantic County Clerk indicating an agreement with a Colorado-based company, sale price undisclosed.

For his part, Straub is adamant. No one who works for him has talked sale, let alone signed a piece of paper.

“You’re able to file your children’s birthdays at the courthouse,” Straub told KYW Newsradio. “They’re not going to restrict it to be filed. That’s a public facility. That’s like a bulletin board would be in the old days.”

He says he’s ready to open what he’d like to call Ten, once he settles a court battle over a state requirement that he personally obtain a casino license. Straub insists he doesn’t need one since he plans to lease the casino space out to a third-party.

How long could he hold out?

“It costs us over, probably, $2 million a month to keep that facility sitting here,” Straub added. “But we bought it at a big enough discount that we could sit on it for 30 years if we have to.”

More from David Madden

More From CBS Philly

Latest Forecast
Weather App
Latest Videos

Watch & Listen LIVE