Revel Casino Deal Salvaged, Sold For $82 MillionDeal Appears To Be Done: Report |
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Revel, the $2.4 billion Atlantic City casino that closed last year, has a new deal in place. The casino and Florida real estate developer Glenn Straub have agreed to a $82 million price tag, just days after the deal was supposedly dead for good, the AP reported.
The $82 million cost is lower than the $95.4 million that was originally being discussed, as Straub expressed a lot of concern about existing Revel tenants and the casino’s debt to a power plant that had supplied all of the bankrupt casino’s utilities.
Revel has had two previous deals collapse after they were supposedly finalized.
Straub once flirted with the idea of turning Revel into a university, but now is going to pursue a plan to turn the property into an entertainment or recreational complex of some sort. It’s unclear if gambling will be a part of the property’s future. It won’t be called Revel.
The deal is expected to close by Mar. 31.
Revel said that Straub has already paid the $82 million.
“Polo North (Straub’s business) is working diligently with its team to finalize an operational plan for the property to be successful, not just ‘business as normal,’ as was done in the past,” Straub said in a statement. He said he wants to invest another $100 million into the property.
In November, Canada-based Brookfield Asset Management canceled its proposed $110 million deal for Revel due to the power plant debt.
Revel shut its doors on Sept. 2 of last year after just over two years in operation.
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