• ATLANTIC CITY, NJ — Revel, Atlantic City’s newest casino, is worth just a fraction of the $2.4 billion it cost to build the resort and could wait another four years before becoming profitable.
• Reopening of Revel casino delayed by sewage dispute. Straub paid $82 million for the building, which cost $2.2 billion to build and was finished with the help of New Jersey tax credits.

Wellington real estate developer Glenn Straub says he may quit trying to reopen a shuttered casino in Atlantic City, New Jersey, that he bought last year.

Straub paid $82 million for the Revel casino in Atlantic City, which cost $2.4 billion to build. Revel opened in 2012, then descended into bankruptcy twice and closed in 2014.

Straub blames the state of New Jersey for his failure, so far, to reopen Revel. In an interview, he told the Star-Ledger, “This state stinks. It just stinks. … I worked in five states. This is 10 times worse than what it would be anyplace else.”

How Much Did The Revel Casino Cost To Build A

Asked if he still would try to reopen the casino, Straub told the newspaper, “To hell with that. I’ve got other things to do. I don’t have time to be screwing around with this stuff.”

A Canadian asset management company won a bankruptcy court auction for the failed Revel casino hotel and announced plans to re-open it as a casino. Toronto-based Brookfield US Holdings LLC will pay. Revel Casino Hotel. This July 23, 2014, photo shows Revel Casino Hotel in Atlantic City. The casino cost $2.4 billion to build and never turned a profit. 2 after just over two. Construction of the resort cost $2.4 billion. Global financial company Morgan Stanley, the owner of 90% of Revel Entertainment Group, decided in April 2010 to discontinue construction, put its stake in Revel up for sale and walk away from its $932 million investment.

How Much Did It Cost To Build Revel Casino

Straub earlier had pledged that at least part of the 6.2 million-square-foot Revel casino would be in operation by the middle of June.

But his company, Polo North Country Club, is still seeking city and state permits to reopen Revel, where fencing blocks entrances to the casino from Atlantic City’s oceanfront boardwalk.

Straub’s company needs site-plan approval from the Casino Reinvestment Development Authority to do construction work at Revel before reopening it.

The authority decided in an August 18 public hearing to continue the hearing to September 8, allowing Polo North more time to address potential street-traffic issues at the casino.

The authority’s decision to extend the public hearing is “unnecessary and unwarranted,” said Nick Talvacchia, an attorney representing Straub’s company.

The extension of the public hearing led Straub to tell the Star-Ledger that he may end his efforts to reopen Revel: “I’m pretty much there now.” [Star-Ledger] — Mike Seemuth

Wellington real estate developer Glenn Straub says he may quit trying to reopen a shuttered casino in Atlantic City, New Jersey, that he bought last year.

Straub paid $82 million for the Revel casino in Atlantic City, which cost $2.4 billion to build. Revel opened in 2012, then descended into bankruptcy twice and closed in 2014.

Straub blames the state of New Jersey for his failure, so far, to reopen Revel. In an interview, he told the Star-Ledger, “This state stinks. It just stinks. … I worked in five states. This is 10 times worse than what it would be anyplace else.”

Asked if he still would try to reopen the casino, Straub told the newspaper, “To hell with that. I’ve got other things to do. I don’t have time to be screwing around with this stuff.”

Straub earlier had pledged that at least part of the 6.2 million-square-foot Revel casino would be in operation by the middle of June.

But his company, Polo North Country Club, is still seeking city and state permits to reopen Revel, where fencing blocks entrances to the casino from Atlantic City’s oceanfront boardwalk.

Straub’s company needs site-plan approval from the Casino Reinvestment Development Authority to do construction work at Revel before reopening it.

The authority decided in an August 18 public hearing to continue the hearing to September 8, allowing Polo North more time to address potential street-traffic issues at the casino.

The authority’s decision to extend the public hearing is “unnecessary and unwarranted,” said Nick Talvacchia, an attorney representing Straub’s company.

The extension of the public hearing led Straub to tell the Star-Ledger that he may end his efforts to reopen Revel: “I’m pretty much there now.” [Star-Ledger] — Mike Seemuth