Glenn Straub Finally Approved to Buy Revel Casino Hotel

Glenn Straub Finally Approved to Buy Revel Casino Hotel

Staff Writer
April 8, 2015

Judge Gloria Burns has approved the sale of Revel Casino Hotel, to Florida developer Glenn Straub. The amount of the sale is for $82 million, approximately 96% less than the $2.4 billion build cost. This decision puts an end to almost ten months of legal battles. The big legal battle has been whether or not, the former business tenants can stay. Straub got the approval after dropping his demand for a “free and clear encumbrances” sale. Judge Burns stated that the issue with the tenants, be dealt with outside bankruptcy court. The closing of the sale will take place April 6th.

During the hearing, the former tenants lawyers and the utility provider, appealed to Judge Burns for more time. The reasoning was for a potential deal of $88 million, to be completed. The potential deal was will a couple of seasoned real estate executives. The casinos main lender Wells Fargo Bank, and Revel said there was already enough time for any deals to be reached. The investment banker to Revel, testified he was in contact recently with 18 possible bidders. He also stated that “the only real offer”, is from Glenn Straub.

As of right now, Straub plans to end any leases and contracts that exist with that property. This includes the power plant, and former tenants. ACR Energy Partners LLC, is the only hot water and electricity supplier to the casino. Prior purchase deals have fell through, due to the disputes with the power company, and former tenants.

Other bidders, nor Straub were able to agree with terms with ACR Energy Partners LLC. With the contract as is exists, court papers show average monthly payments to the power company, at $3 million. Straub stated that while looking for a permanent solution, temporary boilers and generators will be brought in. this will be to prevent mold from damaging the property.

Straub plans to reconfigure the entrance and lobby. Also planned, is spending $300 million for a second tower to be built at the site. Straub stated, “This is a resort, and it's not going to be a small resort.”



The team behind CasinosOnline consists of casino experts united in their desire to spread knowledge to a wider audience. The aim is, and always has been, to help even the most inexperienced players gain their footing in this exciting industry.

The enthusiastic members dedicate time and energy to the creation of potent and insightful content. With years of experience in various fields of this industry, our expert authors know precisely what to look for while searching for casino quality.


Your email address will not be published. Required fields are marked *

Best Online Casino By Country

Although most casinos online are inherently international, some of them specialize for certain markets. If you’re looking for the best casino for your country or area, you’ll find it on this page. The CasinosOnline team reviews online casinos based on their target markets so players can easily find what they need.