Florida investor Glen Straub has kicked from the auction bidding on Revel for $90 million.

Atlantic City’s Revel Casino is up for auction grabs, and a Florida property developer has provided $90 million in money to acquire the home which was shut down for good a week ago. Glenn Straub, who has the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now end up being the ‘stalking horse,’ or lead bidder, who may be outbid by competitors at an auction on September 24. Other buyers that are potential until September 23 to make offers.

Straub said this week that his offer was ‘an opportunity to turn things around. That’s what they need right now; a new direction,’ he added. ‘Give us our six months, so we’ll actually physically most probably. In 2 years, we’ll be 100 % open.’

Which begs the question, just what will be open, exactly? It seems unlikely that Straub will reopen Revel as being a casino; the Revel Casino project, after all, had been a cataclysmic $2.4 billion failure with huge costs that are operational had been hemorrhaging $2 million per week when it shut. And besides, it seems Straub includes a dislike that is personal of.

Casino Doctor

‘When everyone thinks of Atlantic City, they think of casinos,’ Straub told United States Of America Today, adding he dislikes the idea of Atlantic City as a casino city and will be uncomfortable with the notion of his family making money f Read more