Glenn Straub, who placed a $90 million bid in bankruptcy court on Revel Casino, said he plans to place an educational center on the land next to the old casino site. Straub is the head of a Florida property development group which previously said it makes communities better.
When news first got out that Glenn Straub had placed a bid on the Revel Casino, he was a bit canny about the nature of his business project. He hinted that the Revel Hotel and Casino would not be used for gambling, but would not say exactly what his group's plans were. Early speculation was Straub would build a railway hub that would link to New York City and Philadelphia.
Will Build 35-Story Tower for a Modern University
He told NJ.com on Friday that he planned to build a 35-story tower next to Revel's hotel that would house a university. He did not mention a name for that university, or the main focus of its curriculum. What he did say about his plans are grandiose.
Alex Napoliello of NJ Advance Media paraphrased Glenn Straub saying that he wants to create "a community of the world's brightest people". These people would work on global issues. The example of a global issue Straub listed was nuclear waste disposal. From the sound of the discussion, it would seem like Glenn Straub wants to build a think tank.
Revel Casino Not Likely to Be a Casino
A week earlier, Glenn Straub told the Press of Atlantic City he did not want gambling to be the "sole reason" people go to the Revel Casino site. At the time, he suggested he would improve the city in a meaningful way, and hinted at the railway angle.
The stories about the rail way links appears to have been confirmed. Straub said that he plans to build a high-speed rail system, along with a ferry and an underground passageway. The passage would allow people in Atlantic City to travel underground during the winter, when the cold can be fierce.
Revel Casino Bankruptcy
The judge presiding over the Revel Casino bankruptcy case said Glenn Straub's $90 million bid was the only qualified bid received. This is the second bankruptcy Revel Casino has faced in its two-year history of operations, though this was the more serious bankruptcy of the two. This time around, Revel Casino was forced to close its doors on September 2.
When the Revel Casino opened its doors in April 2012, the massive hotel resort was expected to be one of the key's to future Atlantic City prosperity. The 88-story building was the pride of the Atlantic City skyline, but it entered a fading casino industry. Regional competition, market saturation, a bad economy, and Hurricane Sandy combined to ruin any hopes of making Revel Casino a financial success.
Polo North Country Club of Florida
Glenn Straub appears to have a disdain for gambling anyway. Last week, he warned Atlantic City leaders not to expect salvation from sports gambling, which Governor Chris Christie is still trying to legalize in the state. Instead, he hopes to build a new non-gaming economy along the Jersey Shore. Glenn Straub is a Florida developer who owns a dozen or more realty and hospitality businesses. His last purchase (in 1993) was the Polo North Country Club in Wellington, Florida. According to the Press of Atlantic City, Straub purchased the property for $27 million, also in a bankruptcy sell.
Though the owner of Polo North Country Club is not well-known in New Jersey, his bid on the Revel Casino is seen as good news by most observers. The city needs to fill the closed casinos with some form of business or activity, because large unlit buildings look bad to tourists and are seen as a possible crime areas, if left untended. Given that Glenn Straub was the only qualified bidder in the Revel Casino bankruptcy process, his purchase of the property is particularly fortuitous, it would seem.
Approval Pending - To Be Finalized on September 24
The Revel Casino bid still needs to be approved by Judge Gloria M. Burns. She has stated that she plans to approve the sell of the Revel Casino on September 24.
