Revel for $90m. Investors Place Bets on New Atlantic City

From PHILLY.com: Glenn E. Straub, a South Florida investor, emerged from nowhere this week with his $90 million cash bid for Atlantic City’s bankrupt Revel Casino Hotel.

But for the last 20 years, Straub, 67, has made it his business to buy distressed properties – including a polo club, massive yachts, and even a high-end development in Port St. Lucie, Fla., that was left for dead by Philadelphia’s Lubert-Adler real estate firm.

Straub was circumspect about what he would do with the Revel property if his bid turns out to be the winner in an auction scheduled for Sept. 24, subject to court approval at a hearing Monday.

“We’re going to be doing six, seven more things there. If it makes money, that’s good. Pat us on the back. If it doesn’t make money, then we close her down just like Miami Arena and we blow it up,” Straub said.

Read more at http://www.philly.com/philly/business/20140912_Revel_bidder__Distress_is_his_business.html#SCIley1DLHsUM6zj.99

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