\nGlenn Straub, the scrappy polo-obsessed real estate developer who said sheer boredom led him to put a $90 million cash bid on Revel Casino-Hotel, began detailing one of his many plans for the failed megaresort this week, and it\u2019s not what you expected: a tower of geniuses.
\n\tStraub said he\u2019d build a second tower at Revel that would stand 30-35 stories. In it: a colony of \u201csome of the smartest people in the world,\u201d living and working on pressing global problems, like nuclear waste disposal.
\n\t\u201cThe university\u2019s going to go in,\u201d Straub said by phone Thursday. \u201cIt\u2019s going to be for geniuses.\u201d
\n\tThursday\u2019s interview also included talk of high-speed ferry and rail systems and an \u201cunderground passageway\u201d for tourists to comfortably traverse Atlantic City during winter.
\n\tStraub and other would-be saviors of Atlantic City
\n\tAt a bankruptcy hearing Monday, Revel attorneys said Straub\u2019s company, Polo North Country Club Inc., is the sole bona fide bidder on Revel. An auction is slated for Sept. 24 if another qualified bidder emerges.
\n\tStraub has a reputation in south Florida as a hard-charging bargain-hunter.
\n\tHe bought the Palm Beach Polo and Country Club, in Wellington, Fla., for $27 million in a 1993 bankruptcy sale. He netted the former Miami Heat arena in 2004 for $28 million, slightly more than half what it cost to build. And he snagged Tesoro, a tony residential golf oasis in Port St. Lucie, Fla., in 2009 for nearly $11 million \u2014 a fraction of the $180 million spent developing it, reported the trade publication Florida Trend.
\n\tStraub has said he wants a casino at the Revel property but that gambling won\u2019t be the dominant draw.
\n\tOn Thursday slot-machine manufacturer IGT asked a federal judge to order Revel to surrender gambling equipment stored at the shuttered property. IGT told Chief U.S. Bankruptcy Judge Gloria Burns that the building\u2019s future as a casino is unclear, and that the equipment collateralizes more than $3.6 million owed to the Nevada company.
\n\tThis week Burns said she would allow a $3 million payout to Straub if the former Revel property is sold to another buyer.
\n\tBut even if that happens, Straub said Thursday that he will \u201cmost likely\u201d still invest heavily in Atlantic City. He declined to expound on how, precisely, that investment would take shape.
\n\tAtlantic City needs guidance from someone, he said \u2014 \u201csomething like a dad.\u201d<\/p>\n
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Glenn Straub, the scrappy polo-obsessed real estate developer who said sheer boredom led him to put a $90 million cash bid on Revel Casino-Hotel, began detailing one of his many plans for the failed megaresort this week, and it\u2019s not…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8041","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8041"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8041\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}