No qualified bids have come in for the auction of the
bankrupt Revel Casino and Resort in Atlantic City, a source involved in the
auction tells NBC10.com.
The troubled $2.4 billion resort is set to hit the auction
block on Thursday. Officials had postponed the original auction date by a week.
Revel's board of directors is meeting on Monday to determine
the next steps and whether they will be forced to close the casino-resort, the
source says.
Casino officials have said they would close the resort,
Atlantic City's newest, if a buyer couldn't be found.
Atlantic City Mayor Don Guardian said in July that there
were six potential buyers for the casino, but none of those bids had been
outlined.
An announcement could come soon after that decision is made,
according to the source.
NBC10 reached out to a Revel spokesperson for comment.
Revel ran into trouble before it even opened its doors in
April 2012.
One of the casino's original financiers, Morgan Stanley,
pulled out during construction, leaving the project stalled. The State of New
Jersey offered $260 million in tax incentives get the project moving again and
an additional billion dollars in funding was eventually secured to finish and
open the resort.
But, nearly a year later the casino voluntarily entered
bankruptcy protection for the first time in February 2013.
This is a developing story. Check back for updates.
Source: NBC10.com
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