The latest twists in the long saga of Glenn Straub’s effort to buy Revel in Atlantic City are yet another approval by bankruptcy court and a plan that could allow Stockton University to locate in the former Showboat casino after all.
It will all be part of The Phoenix Project that pumps $500m into reviving AC, Straub says. A bankruptcy court has approved the Florida developer buying the $2.4bn casino for $82m. Straub also plans to buy the neighbouring Showboat from Stockton University for $26m.
Stockton had bought the Showboat in December for $18m, but has since been thwarted in its effort to put a campus there by Trump Entertainment, which is enforcing a 1988 agreement that the Showboat must be operated as a casino.
Trump says it is sticking by its opposition to a college campus next door to its Taj Mahal casino and Stockton says it can develop there despite the 1988 agreement, according to press reports. Meanwhile, Atlantic City Council is expected to designate the Showboat as being in a zone where gaming is not allowed.
Straub’s Phoenix Project includes two college campuses, indoor and outdoor water parks and super yacht marinas. Stockton has a 90-day option on its agreement, a time in which Straub’s proposed Revel purchase can be decided.
Source: Fantini’s Gaming Report
