Courts Approve "Divorce" Of Revel And Its Power Provider
By David Madden
ATLANTIC CITY, N.J., (CBS) -- The biggest obstacle to reopening the former Revel Hotel Casino in Atlantic City has been cleared with a legal agreement reached in Camden federal court over the future of the power plant that served the facility exclusively.
Stuart Moskovitz, attorney for Polo North owner Glenn Straub, likens the accord to a divorce where his client gets the kids. "The way this works now ACR comes up with $15 million. Polo North comes up with $30 million. The $45 million pays off the bondholders," Moskovitz told KYW Newsradio.
ACR takes its equipment and Straub sets up local electric and gas service to the building. With that, plans can now go ahead for the future of the $2 billion complex that Straub purchased for pennies on the dollar. "We couldn't do anything until the utilities were determined," Moskovitz said. "And now that they are it's Katie bar the door."
Straub still wants an indoor outdoor water park open in time for next summer and he's now looking for an operator to open a smaller casino at some point.