Report: Shuttered Revel Casino Sold For $200 MillionColorado-Based Group Eyeing May 2018 Reopening |
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According to Moody’s Investors Service, the former $2.4 billion Atlantic City known as Revel will soon have a new owner.
Colorado-based AC Ocean Walk LLC is seeking to acquire the property for $200 million, just a couple of years after a Florida-based real estate developer bought it for $82 million thanks to the casino’s bankruptcy.
Current Revel owner Glenn Straub denied the report of the deal. “If someone has a check, I do sell assets,” he told the Associated Press. “We’re not stopping anybody from bringing a check in. If you want to buy it, come in and we’ll check you out. But nobody has.”
According to Moody’s, the rebooted casino, which Straub planned to be called TEN, will open in May 2018. The new owner is eyeing 100 table games, 2,000 slots and 1,400 hotel rooms. The new owners are said to be looking to invest some $175 million into the most expensive casino in Atlantic City’s history. It closed in 2014.
“The property is expected to slowly capture its fair share of the market given the quality of the property — (originally opened in 2012), breadth of project offerings and a revamped operating strategy aligned with the demands of patrons in the market,” the Moody’s report said.
The deal comes at a time when Atlantic City is making a comeback. Through November, total industry gaming revenue was $2.45 billion, up 2.4 percent year-over-year.
In addition to a possible Revel reopening, a revamped Trump Taj Mahal, soon to be called Hard Rock Hotel & Casino Atlantic City, is expected to take bets again next summer.
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