Revel Owner Owes $1 Million for Electricity, Bank Says

Sun, Nov 8, 2015

Bank of New York Melon is seeking $1 million from Glenn Straub’s Polo North Inc., owners of the closed Revel Atlantic City, for unpaid electric bills. The bank also wants a $2 million letter of credit.

The owner of Atlantic City’s former Revel casino owes million in unpaid electricity bills according to Bank of New York Melon.

The bank asked a federal judge to order Glenn Straub’s Polo North Country Club to pay those bills, and put up a $2 million letter of credit, according to the Associated Press.

Straub has been fighting with the owners of the site’s power plant, ACR Energy, over power at the closed casino and back payments since he acquired the building out of bankruptcy in April. Straub has been trying to find another source of power, but so far has been unsuccessful.

Straub’s lawyer told the AP that the company will pay once ACR shows how much electricity Polo North used.

Straub was also ordered to put $140,000 in escrow in another court hearing over unpaid sewage utility bills at the closed site. Another hearing on that issue was schedule for January.

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