Showboat Casino revival?

Further revelations on Florida property developer Glenn Straub’s ambitions in Atlantic City has surfaced over the past 24 hours following his boasts that he has bought troubled land casinos in the region and plans to spend around half a billion dollars on redevelopments.

The Associated Press news agency reports that Straub, who has just bought the $2.4 billion Revel property for the fire-sale price of $82 million (see previous  reports), has also acquired the shuttered Showdown Casino next door for a further $28 million.

Owned by Stocktown University, the Showdown fell afoul of title conditions which insist that it be operated only as a casino…and Straub seems OK with this.

The Florida developer told AP that his move to acquire the Showboat from Stockton is the start of a $500 million bid to redevelop Atlantic City called The Phoenix Project.

Straub and Stockton issued a press release Friday saying the move brings Stockton’s plan for a satellite campus at the Showboat under the auspices of The Phoenix Project.

“As the name of the project signals, the Phoenix rises out of the ashes to be reborn and will evolve to include diversified collection of projects including eight parts designed to show that the American dream is still alive and well,” Straub said.

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