Straub Talks Revel, Might Sell

Developer Glen Straub (l.), who bought Atlantic City’s Revel casino, talked about a number of plans for the casino recently that in his usual cryptic way contradicted previous statements and continues to leave the future of the property in doubt. Straub, for example, said he has no plans to sell the property, but might if offered $200 million for the $2.4 billion site.

Does Atlantic City’s Revel casino have another buyer in the wings?

That’s just one question that came out of another session between Revel owner Glen Straub and reporters about of the fate of the closed Atlantic City casino.

Straub told the Press of Atlantic Citythat a nightclub could be open at the former Revel complex in early July—contradicting earlier statements that no clubs or restaurants would be open before Labor Day—that tribal operators are interested in running the casino and offers from “international people” who want to buy the property will be considered.

Straub’s Polo North Country Club Inc. is in mediation with IDEA Boardwalk, which ran the popular HQ nightclub at Revel before the casino closed. The company wants to re-open the nightclub, which was an instant success in the resort’s club scene.

Meanwhile, Polo North is also in mediation to solve its power problems with ACR Energy, which operates the property’s power plant. Straub said he still hopes to evict ACR from the plant, which he feels he owns.

The Wall Street Journal, however, got the federal judge hearing that dispute to release a May 20 letter Polo North sent to an ACR attorney. The letter says Polo North has a “contractual relationship” with investor Vincent Crandon, who for months has said he wants to buy Revel. The letter does not specify the nature of the contract.

Crandon has not commented, but Straub told the Press that Revel is not for sale, but that a $200 million might have him rethink that position.

“I’ll go and sell it to international people. That’s what we need,” he said.