Less than a day after it was formally announced that he was taking over the Revel Casino in Atlantic City, Florida investor Glenn Straub revealed that he had purchased the adjacent Showboat Casino for $28 million.
The Showboat is currently owned by Stockton University, but the conditions on the property's title dictate that the property be exclusively used for gambling operations. The university has been in conflict with that, and Straub's investment will allow the university to open a satellite campus on site.
Straub revealed he wants to invest $500 million in Atlantic City with what he dubs "The Phoenix Project", which will breathe new life into the area.
Commenting on the project Straub said, “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."