Could A.C.'s Revel go timeshare?

It's hard to keep up with the latest Revel news out of Atlantic City. One day owner Glenn Straub says he might just pack up and go home, stymied by New Jersey's unique bureaucratic challenges. The next day, he's floating soft opening scenarios for October.

But there remains the $2 billion casino building itself - 12 floors of which were never completed. The iconic Revel ball has been lit lately, fueling hope that Straub might actually be working his way through the process.

Now, Fantasea Resorts, an Atlantic City timeshare company that operates the Flagship on the city's Inlet, the Atlantic Palace on the Boardwalk, and LaSammana in Brigantine, says they are negotiating with Straub to take over space in the former Revel casino to add to their portfolio.

"We're in negotiations about Revel with the owner about a variety of scenarios," said Herbert Ushewokunze, who works in public relations for Fantasea. "We're considering what we can do that would best serve our interests."

Straub said in a telephone call, "We've been talking about the 12 floors that are unfinished out of 54."

Ushewokunze said the company was not discourage by problems Straub was having obtaining operating permits and approvals from the city and the state Casino Reinvestment Development Authority, which last week  requested more information from Straub about traffic flow now that Straub has put an adventure ropes course in the area that was formerly the valet and porte cochere.

The Flagship resort, which offers gorgeous views of the inlet and a Blue Water Grille run by Revel ex-patriates, is counting on the ongoing reconstruction of the Boardwalk along the inlet to sustain its investment in Atlantic City.

Straub said his new traffic plan involves cars going underground to exit their vehicles, an advantage over the original wind-tunnel effect. The CRDA continued its hearing until Sept. 8. "It's just government, government and government," a frustrated Straub said.  "It's out of this world. Their engineers approved it. Our engineers approved it. All the engineers ahve come in and approved it."

Revel opened in April, 2012 to great acclaim, and with state tax incentives, but went bankrupt and closed a little more than two years later, one of four casinos to close in 2014.  Straub, a Florida investor and polo player, bought the property out of bankruptcy for $82 million.

Source: Philly.com