Glenn Straub, a real estate developer from Palm Beach, Florida, has agreed to purchase the 1,898-room Revel casino-resort in Atlantic City, New Jersey, for US$90 million.
The purchase price for the property, which shuttered earlier this month after filing for bankruptcy protection a second time, is but a fraction of the US$2.4 billion development cost for the two-year-old casino-resort.
Straub told USA Today that his company is like “doctors who turn around sick patients. We turn around big properties.”
The sale is not final and Straub hinted that he might orient the property away from gambling.
