Casino News

Atlantic City’s Revel Casino Resort Presumably Changes Hands

The multi-billion casino resort Revel Casino Hotel located in Atlantic City is looking for a new owner. The casino’s current owner Glenn Straub and a Colorado-based group have filed an agreement of sale with the Atlantic County Clerk’s Office. According to the document, AC Ocean Walk LLC has expressed its intentions to purchase the long-shuttered Revel. The buyer is associated with the Colorado-based Ten RE ACNJ, which is owned by the local businessman Bruce Deifik. No price was listed in the document. When asked about the document, Straub said that he is not familiar with it.

On 31st August this year, Glenn Straub filed a notice of sale. The owner of the defunct Revel Casino Hotel agreed to sell the property to a Colorado-based company. The local media Press of Atlantic City reported that the acquisition of revel includes the casino and the power plant. According to the latest updates, the two companies have filed a notice of settlement, which makes the deal official. Current owner Glenn Straub refused to be aware of the presence of such a document.

According to the notice of settlement filed with the local authorities, Integrated Properties, Inc. represents the buyer. According to its official website, the firm is a real estate development company, founded by Bruce Deifik in 1990. Supposing that the deal is closed, the company is to take the control over the shuttered property and revitalize it. Following the property’s closure, Mr. Straub has announced on multiple occasions that the property is to reopen, giving even deadlines to do so. New Jersey Casino Control Commission appeared to be the main hurdle for the casino to reopen.

Revel Casino Hotel’s Hapless Past

In 2015, Mr. Straub bought the casino property for $82 million. The casino resort offers both gambling and non-gambling entertainments. Only 2 years later, the casino appeared to be unprofitable and its owner was forced to file bankruptcy for a second time. After the casino closed its doors, Mr. Straub announced several times deadlines for Revel’s reopening, but he met none of them. Mr. Straub’s arguing with gambling regulators worsened Revel’s situation.

Rumours about the potential sale of the shuttered gambling venue have sprung to life more than once, but Revel’s ownership remained unchanged. Some time ago, Atlantic City Mayor Don Guardian advised Mr. Straub to sell the property. The official explained that the shuttered casino is of no use to the city. Mr. Guardian explained that the opening of the casino resort is to boost the local economy and decrease the unemployment rate.

In mid-July this year, the New-York based company Digital Launch offered $220 million to buy the casino property. But Mr. Glenn refused to have received such a proposal. It is yet to become clear if Revel has a new owner, or the things repeat the established well-known scenario.