Let me introduce you to the story of a $2 billion New Jersey shore casino and hotel bought for $82 million (Revel Casino), how Bruce Kaye, the CEO of Fantsea Timeshare Resorts is negotiating to develop 12 floors of it into timeshares by negotiating with Revel Casino owner Glenn Straub, and how this all ties into the politics of New Jersey development, casino licensing, Casino Reinvestment Development Authority (CRDA), and maybe even a little Trump Plaza news.
Revel Casino owner Glenn Straub, has been stymied in his work on the Revel. Mostly by the state red tape known to all who build there. The days of simple overpaying the mob to pave the way for these kind of huge projects are long gone. After two years of working on getting the mega resort opened there still remains major hurdles to overcome.
Now for the timeshare angle:
Fantsea Resorts, operates three timeshare resorts in the Atlantic City Area: the Flagship located in the inlet, Atlantic Palace on the boardwalk, and La Sammana in Brigantine. Fantsea Resorts has 45,000 vacation owners for their 900 studio, one bedroom and two bedroom units.
Kaye has been doing MAJOR renovations at the Flagship timeshare resort: “a lobby bar, pool, hot tub, grill, children’s play room, movie theater, gym that offers classes, full service spa and large outdoor deck over the ocean perfect for weddings and parties.Their restaurant, the Blue Water Grille, has the best views in Atlantic City.” (source) These major upgrades plus the possibility of adding the Revel Casino’s 12 floors to their inventory should make all Fantsea timeshare resort owners glad to be a part of what’s happening in Atlantic City.
Atlantic City does have a chance of a major revival. Hotels, timeshare resorts, and the casinos can once again be the center of the action once all the boardwalk renovations are complete, parking issues are resolved, and all the permits needed for the vendors to operate are finally in place.