By Joshua Burd
The developer who just sold the shuttered Revel Casino Hotel says he’s still looking to have a major role in Atlantic City, where he reportedly still owns dozens of properties.
A report Saturday by The Press of Atlantic City said Glenn Straub, who sold Revel earlier this month for $200 million, still owns more than 60 parcels in the resort town. That group includes a nearly acre-sized parcel near the Boardwalk on Rhode Island Avenue, among 43 properties in the South Inlet section of the city, the story said, citing state property records.
Straub told the newspaper that he hopes to be named redeveloper of the South Inlet.
“Even after the sale, Polo North is still the largest non-casino property owner on the Boardwalk,” Straub told The Press of Atlantic City. “We will move forward and be a spark for catalyzing positive economic movement in Atlantic City.”
AC OCEAN WALK, an investment group led by Denver-based Integrated Properties, announced Jan. 8 that it had acquired the 47-story casino. The sale came after Straub, who paid $82 million in 2015 to buy the property out of its second bankruptcy, had spent more than two years touting his plans to reopen the property.
The new owner plans to renovate and reopen the nearly six-year-old, $2.4 billion property by this summer.
For more, see this weekend’s story by The Press of Atlantic City.
