The latest on Straub in AC
The biggest piece of property that Straub owned in Atlantic City — the former Revel/TEN — is no longer his.
But he’s not done with AC quite yet, as he still owns 60 smaller properties in town.
“Even after the sale, Polo North is still the largest non-casino property owner on the Boardwalk,” Straub told the Press of AC. “We will move forward and be a spark for catalyzing positive economic movement in Atlantic City.”
Straub often has big plans
Straub won’t have anything to do with what will now be called Ocean Resort Casino, since it was sold to a Colorado developer earlier this month. But when he did, he used to promise lots of big things for the former Revel, a gleaming property built for more than $2 billion.
A short list of things Straub said he would bring to Revel included:
- An equestrian center
- A ropes course
- An academic institution for geniuses
- A water park
- A medical tourism facility
- A think tank
Of course, none of those things came even close to fruition. Straub, during his time in possession of Revel, was very good at talking big and doing very little of substance. (That included several promises of opening the property that came and went with no action.)
He also insisted that Revel would have a casino, even though he refused to apply for a gaming license.
Straub might do absolutely nothing
Straub’s plan could very well be to wait for AC to continue to bounce back, which it has been doing for a year-plus, and do nothing with his current real estate holdings.
That would be the same formula he used with Revel, which he sold for much more than he bought it.
If he can do nothing with his AC properties and make money from them, that would seem far more likely than him actually putting money and time into them.
But this much is clear: It’s not the last we’ve heard of Straub in New Jersey.