Colorado-Based Firm Buys Former Revel Casino, Owner Glenn Straub Denies Reports

The owner of the former Revel Casino in Atlantic City has reportedly entered an agreement for the sale of the property to a Colorado-based businessman. And although there is usually no smoke without fire, Florida real estate developer Glenn Straub, who currently owns the shuttered Boardwalk resort, has denied the most recent reports about its sale.

Mr. Straub purchased Revel back in 2015 for $82 million, or at a huge discount from the resort’s original price of $2.4 billion. The Florida developer promised that he would reopen the property as a casino resort and that he would make it as profitable as it had once been hoped. He has set several reopening deadlines over the past several years but has missed them all.

Atlantic City officials eventually grew frustrated with the businessman and urged him to sell the casino complex, if he was unable to reopen it. There have been multiple reports about the potential sale of Revel, but they have all been dismissed by Mr. Straub himself.

The real estate developer has repeatedly pointed out that he has been struggling to reopen the property but has been continuously hampered by New Jersey casino regulators. As mentioned above, Mr. Straub plans to relaunch the whole complex, including its casino floor. However, he was ordered by the New Jersey Casino Control Commission to obtain a casino license in order to be able to reopen Revel, which now boasts the name TEN.

Mr. Straub, in turn, refused to apply for the necessary permission, arguing that he was planning to lease the casino portion of the resort to a third-party operator and that he would have nothing to do with the gambling activities conducted.

Latest Sale Reports

According to local news outlets, Mr. Straub’s Polo North Country Club Inc. filed a notice of sale settlement in late October. AC Ocean Walk LLC, owned by Colorado businessman Bruce Deifik, was listed as the buyer of the shuttered property. The purchase price was not disclosed. Mr. Straub denied the reports, while Mr. Deifik is yet to comment on the latest reports.

The Colorado businessman is known to be the founder and CEO of Integrated Properties, a company that was tasked with handling acquisition and asset management on Mr. Deifik’s behalf. Over the years, its assets have included Hyatt Grand Champions Resort in California as well as retail and office properties in Phoenix, Arizona and Denver, Colorado.

Reports about Mr. Deifik potentially buying Revel first emerged in early October. It is important to note that it was also reported earlier this year that New York investor Keating & Associates proposed to purchase the venue for $225 million. It seems that the firm has walked out from discussions later. Neither Mr. Straub, nor the New York company commented on a potential deal at the time.

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