An ambitious Florida real estate developer has a plan to remake Atlantic City into a family-friendly destination by investing $500 million of his own money.
Tom Corrigan and Craig Karmin report on a high-profile real estate bet by Glenn Straub: "Mr. Straub…recently acquired Revel, the glitzy, 47-story hotel and casino that cost $2.4 billion but went bust last year. He took control of the property for $95.4 million last week after a bankruptcy judge signed off on the sale."
The purchase of Revel is only one piece of Straub's larger vision for the revitalization of Atlantic City, according to the article. "Mr. Straub says Revel is just the beginning. His $500 million plan to turn blighted Atlantic City into a family-friendly destination includes a waterpark, Ferris Wheel, a man-made mountain for skiing and snowboarding and a soccer franchise."
The article goes on to provide more of the backstory, and current story, about Atlantic City's real estate market and planning and branding efforts.
FULL STORY: With Hotel Purchase, Investor Aims to Bring Back Atlantic City
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