- Atlantic City Mayor Don Guardian is strongly in favor of its reopening
- Its previous owner missed several reopening deadlines and has now decided to sell it
The former Revel Casino has been long shuttered up, but reports now suggest that this may not be the case for long; a company based in Colorado has bought it. The abandoned casino resort, which is located on the Atlantic City Boardwalk in New Jersey, may soon begin trading again.
It is said that the sale agreement was submitted on August 31, 2017, and that Glenn Straub – who currently owns the property – will sell the casino for an as yet “undisclosed price.”
The buyer is thought to be represented by Integrated Properties, Inc, which was founded by Bruce Deifik. He also manages Mile High Dice, in Colorado, and it is currently understood that once the sale is finalized, Deifik will own the casino.
But this has yet to be confirmed by either party. The potential sale has come to light just now because Keating & Associates – an investment company based in New York – offered a significant amount of money to purchase the property, but talks “fell through.”
What seems less clear is Straub’s attitude to the firm. Claiming repeatedly that he has “never heard of” Keating & Associates, the firm maintain that their interest in the casino was due to the almost pristine condition that it was kept in.
Straub, meanwhile, remains obstinate on this point, saying that he has “never talked to Keating.”
That being said, Keating & Associates confirm that they are still interested in purchasing the property, according to the Press of Atlantic City, even after they became aware of another company – Integrated Properties, Inc, that is – having submitted an agreement of sale.
A counterproductive casino
The casino began trading in 2012 but was forced to close in 2014 after becoming bankrupt for the second time. It was at this point – just 1 year later in 2015 – that Straub bought the shuttered up casino, for a sum of $82 million.
And while he intended to make it into a popular and much more successful facility, he has missed many deadlines and has yet to reopen the casino.
Some of these deadlines were missed due to a variety of factors, such as the strained relationship between property owner Straub and Revel’s utility supplier.
Also, the state’s casino regulators requiring Straub to get a casino license to run the casino floor – which he himself would not be managing – created further rifts, as he refused on the grounds that it would be a third-party operator, not him, running it.
Mayor in support
A number of rumors were also in circulation during the past couple of years regarding the sale, with the Mayor of Atlantic City Don Guardian pitted to support the move.
It is also said that Guardian was less than impressed with Straub for his repeated failure to get the resort open, claiming that keep Revel closed was keeping potential money-spending tourists away from the area.
And it now seems that Guardian cares less about who owns the property and more about its moneymaking potential, as he urges the employment of as many as the city’s residents as possible as soon as it opens its doors again.
“Revel is a great property and location for whoever buys it,” Guardian adds.
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