Buyer makes $220 million offer for closed Revel

The owner of the former Revel is denying he received an offer on the shuttered boardwalk casino, but a representative of the buyer says a $220 million offer was made within the last 10 days.

A leader with New York-based marketing and management firm Digital Launch told the Press of Atlantic City it is representing a private equity firm, also based in New York, which is ready to pay Glenn Straub $220 million for the Revel property.

Straub, who has renamed the casino TEN, paid $82 million for the resort after it fell into bankruptcy. It cost more than $2 billion to build.

Digital Launch declined to disclose the potential buyer's name to the Press of A.C., which said Straub denied receiving any offers – though that doesn't necessarily mean he is unwilling to entertain them.

Recently, rumors of the impending sale of Revel have circulated in the city. Straub, when contacted regarding those rumors, has steadfastly denied the property was being sold, although he has said there is “no question that all of our properties are for sale for the right price.”

The Revel closed in the fall of 2014. Straub took over the property several months later. In the years since becoming the owner, Straub has set several deadlines for reopening the casino, but has failed to deliver on those promises. He is still insisting that he should not have to pay for a casino license, the Press of A.C. says, since he plans to lease casino operations to another party.

Elsewhere in Atlantic City, developers are diving in with plans for the vacant Taj Mahal to reopen as the new Hard Rock Hotel & Casino, a polercoaster, a family-friendly entertainment center at the former Atlantic Club, to name a few.

 

Source: Philadelphia Business Journal