The developer recently approved to buy Atlantic City, N.J.’s Revel Casino Hotel out of bankruptcy has released more details on his $500 million plan to revitalize the seaside town, which has faced precipitous declines in tourism and gambling revenue since 2006, the Wall Street Journal reported yesterday. In a statement released on Friday, Florida-based developer Glenn Straub said that his eight-part “Phoenix Project” aims to transform Atlantic City with a host of amenities targeting affluent tourists, sports enthusiasts, families and even retirees. Fulfilling the first step of the plan, Bankruptcy Judge Gloria Burns signed an order yesterday approving the sale of Revel to Mr. Straub for $82 million. The purchase price represents a more than 96 percent discount from the $2.4 billion it cost to build the resort, which first opened its doors in 2012 but never turned a profit. The deal is expected to close today.
