Straub’s new plan for Revel; Elaine Wynn gets rude treatment

Glenn Straub may be America’s newest casino owner but he’s quickly emerging as its most unpredictable. While he plans to reopen the gambling component of Revel, his latest brainwave is to add an anti-aging institution. Details are sketchy at present, but we can glean a few ideas from Straub’s own regimen, which involves multivitamins, among other things. (Weekly polo games probably won’t happen, though — although, given the preposterous bulk of Revel, anything is possible.) “We’ll give you a week of knowledge and maybe extend your life,” Straub says of his concept. Off the wall as it may sound, it would diversify the Atlantic City economy and give tourists a new reason to visit the Boardwalk.

“Clearly, with two bankruptcy filings in less than two years, the Revel Hotel & Casino is in need of innovative management,” said Straub, who added that he didn’t need all 50 floors of the hotel tower — 11 of which are unfinished. “We’ll be shifting things around to make it more of a resort.” Some things about the casino will remain the same, such as the slot machines, and some will change, like an increase in the number of private gambling salons. But he gave a hint as to where the casino ranks in his order of priorities when he said, “Gambling is a niche, a hobby, a fun thing to do.”

Straub claims to be negotiating with the Revel tenants who have been a thorn in his side. He also has to deal with ACR Energy‘s motion to convert the Chapter 11 proceeding into a Chapter 7, so that it can recover some $32 million it says Revel owes it. “The debtors and their secured lenders have been afforded nearly free rein over these cases and the debtors’ assets since the petition date, with absolutely nothing to show for it,” ACR thundered.

These varying litigations are standing between Straub and his goal of a Memorial Day reopening. (Considering that Revel 1.0 officially opened on a Memorial Day, he might want to rethink that target.) His planned revamp of Revel is expected to unfold over three years.

* In a low blow, Wynn Resorts has announced its intent to force Elaine Wynn off the company’s board of directors. Ironically, although the action stems from a lawsuit Mrs. Wynn filed against ex-husband Steve Wynn, the latter supports her continued presence on the board. The pretext for the suit was that Elaine Wynn balked at having to vote her shares in tandem with the CEO when Kazuo Okada was forced off the Wynn Resorts board.

The company also cited “potential conflicts of interest” and a “lack of independence under NASDAQ listing standards … If Elaine Wynn prevails in her cross-claim, Stephen A. Wynn would not beneficially own or control Elaine Wynn’s shares, which could increase the likelihood that a change in control may occur under the Wynn Las Vegas debt documents,” complains the company. Undeterred, Elaine Wynn  indicated her intention to nominate herself to be a Class I director on the company’s board. (El Steve is but a Class II director.)

But first, Wynn Resorts reduced the number of Class I directors from three to two, removing Mrs. Wynn from the chessboard, it seems. She ominously said she was “I am reviewing all of my options,” conjuring the possibility of still more litigation. She’s certainly got the wherewithal to make life miserable for the now-all-male board of directors. The move is a rebuff to Steve Wynn from his own board: “Steve Wynn supported the candidacy of Elaine Wynn, but the board, as a whole, accepted the recommendation of the Nominating & Corporate Governance Committee in electing to reduce the number of inside directors and not re-nominate her.” If the board can give the heave-ho to Elaine, what might it do to Steve?

The board, however, says it’s protecting Steve’s interests: “If Elaine Wynn prevails in her cross-claim, Stephen A. Wynn would not beneficially own or control Elaine Wynn’s shares, which could increase the likelihood that a change in control may occur under the Wynn Las Vegas debt documents.”

* Good news, nostalgia buffs: Charles Phoenix is bringing his Big Retro Slide Show to The Orleans on April 3 and 5. Cunningly, Phoenix is presenting different content on each evening, so you might say it’s the show so nice you have to see it twice.