How a Florida Investor Plans to Save Atlantic City
Florida investor Glenn Straub is on his way to plunking $500M down on Atlantic City after a judge last week approved his $95.4M purchase of the ill-fated Revel resort and casino. Brookfield Asset Management was reportedly close to acquiring the asset, which cost $2.4B to build but quickly went bankrupt, before the deal collapsed.
But Straub tells the Wall Street Journal that resuscitating Revel is only the tip of the iceberg in sinking AC. Indeed, he envisions investing roughly $500M in the faded seaside resort. His plans for a Ferris Wheel, water park, local soccer team and even man-made ski slopes recall Las Vegas' family-friendly makeover. But he's also appealing to"geniuses" with outlines of a "Revel university" aimed at combatting global diseases and nuclear waste.
