Real estate developer Centerplan Companies LLC is discussing a potential deal to join the efforts for the revival of Atlantic City’s former Revel Casino, CEO Robert Landino confirmed. The executive revealed that talks on the matter have been going on for a year now but emphasized that the deal has not been closed.
Mr. Landino’s Centerplan Companies has been involved in a stalled project for the construction of a baseball stadium in the heart of Hartford, Connecticut. The real estate developer and DoNO Hartford, LLC have been working on the publicly financed $63-million project. However, after they have missed the deadline for 6,000-seat stadium’s completion for a second time, both entities were terminated by Hartford officials in June. There is also an ongoing investigation aimed at discovering who should be blamed for the delays.
According to filings to New Jersey, Mr. Landino has recently founded Revel Beach North LLC. However, the businessman pointed out that it would probably take months before any official announcement is made. Eventually, no deal regarding their involvement in the casino resurgence project may be reached.
According to local media, both the Chief Information Officer and the Chief Financial Officer of Mr. Landino’s newly established business entity have years of experience in the casino industry and had even previously worked at the former Revel hotel and casino complex.
The $2.4-billion Revel resort first opened doors in 2012. However, the property did not prove to be a profitable endeavor and former owners decided to close it down a little more than 2 years after it was launched. Revel was, in fact, one of four Atlantic City casinos to be shuttered in 2014.
Florida developer Glenn Straub and his Polo North Country Club bought the property for $82 million after months of deliberations who its new owner should be. The businessman had the ambitious plan to reopen at least part of the venue, excluding the casino, in June. However, licensing and certification issues prevented him from doing so.
Commenting on his future involvement in the resort’s casino portion, Mr. Straub has told local media that he intended to lease the gambling floor and part of the property’s hotel rooms to a third-party operator with experience in the casino industry.
Mr. Straub refused to comment on Mr. Landino’s potential involvement in the operation of Revel Casino.
