A court filing made by the Revel Casino Hotel's utility
provider claims the owner of the vacant Atlantic City boardwalk property is
looking to "flip" the building.
The Press of Atlantic City reports ACR Energy Partners,
which remains in a battle with Glenn Straub over the power plant sitting across
the street from Revel, says the resort's owner is attempting to "flip the
nonoperational complex to a new buyer."
Developer Glenn
Straub, who owns Polo North, said Tuesday that while he’s not actively trying
to sell the 6.2 million square foot Boardwalk complex, he’ll entertain credible
offers on any of his assets. He said he’s received “probably 50 calls” from
would-be Revel buyers in the last four months.
The Florida-based developer has often said if another
interested buyer came along, he would be willing to sell. Prior to Straub's
purchase, another group walked away from a deal for Revel due to the high power
plant costs.
In the year since Revel and Showboat closed, Atlantic
City has had a mixed recovery. Little has happened with the closed casinos –
Stockton University just recently said some buyers have emerged for the
Showboat, while a new conference center is ahead of expectations. A local
university also began a new physician assistant program in the resort town
earlier this summer, a shift towards "eds and meds" many of the
city's officials says they want to see continue.
Source: Philadelphia
Business Journal
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