In the latest chapter of the roller coaster that is the sale of Revel Casino, Chief U.S. Bankruptcy Judge Gloria Burns said she “lacked the jurisdiction to move the sale forward, as several appeals of the sale are still before federal court.” Approving the sale, she said “could impact the appeals process.” In my opinion, this ruling couldn’t be better for Atlantic City.
Below are the Top 5 Reasons Isek Shomf / Leo Pustilnikov or Jeffery Keating are a better fit for Revel Casino and Atlantic City.
Glenn Straub and his ideas are not a good fit for Atlantic City. The idea of a waterpark, a man-made skiing mountain and a school for geniuses will not work. (Yeah, let’s put geniuses in a building next to Section 8 housing. That will turn out well.) Yes, I agree there needs to be some family attractions for Revel to be successful. However, not the way Straub wants to do it. I feel like he just wants to make the north end of the Boardwalk his little playground—but this isn’t Caddyshack.
2. Tenants Get to Stay
This has been the problem since all negotiations began, Straub wants all contracts voided. This would allow him to kick out all previous tenants, causing them to lose their initial investments. Both possible buyers, Shomof / Pustilnikov and Keating, would like to keep all tenants. This would include the ever-so-popular HQ Nightclub and HQ Beach Club, restaurants, and even the ACR power plant that was built specifically for the hotel and casino.
With more than four casinos closing, and more than 12,000 people out of work in Atlantic City, Revel Casino’s opening would create a lot of jobs and opportunity. More than 3,000 people would come off of the unemployment rolls, where many have been for more than seven months.
Both parties, Shomof / Pustilnikov and Keating, have bids that are exceptionally higher than Straub’s. This shows greater interest in investing in Atlantic City. Besides, everybody likes more money!
5. Opening Date
Allowing the tenants to stay in Revel would give Shomof /Pustilnikov or Keating the chance to get the building open by Memorial Day weekend. As we all know, summer is the busiest time in Atlantic City. Opening by Memorial Day weekend would allow Revel to start driving revenue back into the other Atlantic City businesses immediately.
Who knows what will happen next? All we can hope for is that the building opens by Memorial Day weekend!