Straub Does Impossible; Buys ACR. Revel Open by Summer 2016?

While the City Council of Atlantic City was busy  threatening Glenn Straub with condemnation of his Revel property, Mr. Straub was busy doing a deal with ACR Energy Partners and the Bank of New York Mellon.

Straub said after the hearing that he will now solicit casino operators interested in a 30-year lease to run gambling operations at the site, but on a smaller basis than what was there before.

Straub will now seek casino operators interested in a 30-year lease, with hopes of opening the property by Summer 2016. It might even include an indoor-outdoor water park.

The deal needs to be signed by Dec. 2. By then, Straub will purchase the powerplant from ACR for $30 million. ACR will then deposit $15 million into escrow to pay off bondholders.

DCO, an independent energy development company based in Mays Landing, will manage the new boilers and operate the power plant. And as a cherry on top/one finger salute, Straub will open a direct account with Atlantic City Electric and South Jersey Gas for utility service.

For close to 15 months, ACR made life miserable for the Florida developer with 100,000 mil is cash ready to go. ACR tried to force Straub to buy over-priced utility service from it. Unfortunately, ACR was moments away from foreclosure, and Straub just held on.

As reported earlier, Atlantic City Council president Frank Gilliam was scrambling to award property & development rights to a firm associated with ACR energy partners.

Gilliam believes the former casino is blighted. He mentioned the possibility of condemning it. No word if council feels the same way about the shuttered and visually nasty Trump Plaza and Atlantic Club.

 

The post Straub Does Impossible; Buys ACR. Revel Open by Summer 2016? appeared first on Atlantic City Prime Time.

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