Former Revel Casino in Atlantic City may soon switch ownership, according to the Press of Atlantic City. The local news outlet reported on Tuesday that a Colorado-based property management firm has submitted a sale agreement to the Atlantic County Clerk’s Office, thus making it known that it would purchase the shuttered property located on the iconic Atlantic City Boardwalk.
The filing was dated August 31 and indicated that the current owner of the casino resort – Florida real estate developer Glenn Straub – has agreed to sell it for an undisclosed price.
Integrated Properties, Inc. represented the buyer, according to the sale documents filed with local authorities. The company was founded by Bruce Deifik, who is also known to be the manager of Colorado-based Mile High Dice MGR, LLC. Once and if the Revel sale is completed, Mr. Deifik will take charge of the shuttered property.
None of the involved parties have confirmed the deal.
The latest reports about the potential sale of Revel Casino emerged shortly after a New York investment firm expressed interest in the closed gambling venue. Keating & Associates LLC offered $225 million for the property but discussions over the acquisition deal fell through.
Revel’s Unfortunate Fate
Revel opened doors in 2012, but never made a profit and owners were forced to shutter it two years later after declaring bankruptcy for the second time. Mr. Straub bought the shuttered hotel and casino resort for $82 million in 2015, promising to turn it into a highly popular and profitable one.
However, the complex, which cost more than $2 billion to be established, is yet to open doors after missing several deadlines, the last of which was this past June.
Hurdles of different nature prevented Revel, which was rebranded as TEN by its new owner, from reopening. A prolonged conflict between Mr. Straub and the property’s utility supplier was one of the major stumbling blocks before the revitalization of the closed venue. Eventually, Revel’s owner agreed to pay $45 million to ACR Energy Partners LLC and end the feud that lasted several months.
Upon buying Revel, Mr. Straub pointed out that the resort would be reopened with its casino amenity, but he would lease the gambling floor to a third-party operator. However, New Jersey casino regulators required from the property’s owner to obtain a casino license so as to be able to reopen it. The businessman refused to apply for such license, arguing that he did not need one as he had no plans to manage the gambling portion of the complex.
Mr. Straub’s bickering with gambling regulators resulted in Revel missing several reopening deadlines.
Reports about potential sale of the shuttered Boardwalk gambling resort have sprung out on several occasions over the past two years. Atlantic City Mayor Don Guardian was among the vocal supporters of such a move.
The city’s top official has repeatedly rebuked Mr. Straub for failing to deliver on the reopening deadlines, thus keeping shut a property that could potentially attract tourists to the city and would be a major employer to residents of the city and the area.
Commenting on the latest sale reports, Mayor Guardian told media that he hopes as many residents as possible will be hired once the property finally reopens doors and no matter who its owner is.
