Developer Glenn Straub, utilities and a bank have reached a deal that removes a major obstacle to Atlantic City’s former Revel casino reopening.
In a deal reached Tuesday, Straub’s Polo North Country Club and ACR Energy Partners will jointly put $45 million into an account to pay off bondholders.
Straub will own Revel’s utility plant while ACR can remove its generation equipment from inside the plant.
The Florida developer will pay Atlantic City Electric and South Jersey Gas directly for utility service at the building, which has been closed since September 2014.
Straub says he’s looking to hire a casino operator to reopen a gambling operation, but says a water park will be a big part of the project.
The deal also ends a thicket of litigation surrounding Revel’s utilities.