by Lisa A. Grimaldi | April 08, 2015
With the completion of the sale of Revel Casino Hotel -- the shuttered, bankrupt Atlantic City gaming property -- to Glenn Straub for $82 million, the Florida developer has unveiled his “Phoenix Project,” a $500 million revitalization proposal that includes the purchase of the former Showboat Atlantic City resort. Current Showboat owner Stockton University had planned to open a campus in the shuttered casino, but a legal agreement between Trump Entertainment and former Showboat owner Caesars, dating back to 1988 and saying Showboat must remain a gaming resort, might prevent the transition, paving the way for Straub to take over the property. He has already agreed to buy Showboat. The Phoenix Project also includes the redevelopment of Bader Field airport, an extreme-sports complex, an equestrian complex, waterparks and marinas able to host large yachts. Federal bankruptcy judge Gloria Burns signed off on the Revel deal Monday, following a period of deliberation and consideration of concerns of tenants and suppliers of the property. The casino hotel, which cost $2.4 billion to build and closed after less than three years, never turned a profit.