The energy company that supplies power to the former Revel Casino has threatened to cut the cord on Thursday. The Press of Atlantic City reports that attorneys for ACR Energy Partners intend to terminate electrical service to the Revel property, unless an agreement can be reached with Glenn Straub’s company to pay for the service. Straub…
Some good news for Atlantic City’s casino market. The casinos experienced a 45 percent increase in gross operating profits during 2014. The Golden Nugget, Tropicana, Resorts, and Borgata led the way with the big gains. Casinos also reported higher occupancy rates for hotel rooms during last year as well.
The Revel Casino was sold for only 3 percent of its initial building price. Glenn Straub officially owns the casino for $82 million. It was initially built for $2.4 billion. Details have not yet been finalized on what to do with the property. It has been closed since Sept. after filing for bankruptcy.
A judge gave final approvals on Monday for the Revel Casino sale. Glenn Straub will be purchasing the casino for pennies on the dollar. The total sale price comes in at $82 million. There is still plenty of questions about what will take place with the former tenants of the Revel. The Revel Casino was…
The attorney for Florida developer Glenn Straub made a bold statement on Thursday after his client’s purchase of the bankrupt Revel Casino was approved. Attorney Stuart Moskovitz said that Straub would also purchase the former Showboat Casino Hotel from Stockton University, after their plans for an Island Campus were derailed by a 1988 covenant agreement. Moskovitz…
The Revel Casino in Atlantic City will land in the lap of developer Glen Straub. A federal bankruptcy judge ruled on Thursday that Straub can purchase the Revel Casino for $82 million. The sale has been hotly contested, most recently by another developer who planned on making a higher offer on the failed casino. The…
On Wednesday the Atlantic City Planning Board approved a redevelopment plan that could help Stockton University create its Island Campus at the former Showboat Casino location. The plan could invalidate a 1988 covenant agreement that restricts the site to be used for “a first class hotel-casino.” The planning board’s action calls for the area to…
A new report by 6 ABC says that a fire chief in Atlantic City has resigned his job after dropping his pants at a security check point. Dennis Brooks has been on leave since March 5 when he is seen on video unfastening his belt and dropping his pants in front of a female security…
Attorneys for restaurants of the former Revel casino claim that an East Coast development group has offered $88 million cash for the property and is willing to honor the leases of the former tenants. The group, run by developers Howard Milstein and Carl Goldberg, supposedly has reached an “interim agreement” with the tenants, according to a…
The number of Atlantic City High School students now charged in connection with a brawl at the school on March 19th has risen to 25. At Monday night’s school board meeting it was revealed that six students were charged with assault and 19 with disorderly persons offenses. Some of those students charged claimed they were attempting…