Good news out of Atlantic City. Revel Casino has been sold. We know, we know. You’ve heard this story before. Two or three times in the last year, actually. But this time it looks like it’s for real. All we need to do is get to that March 31st closing date and you won’t be hearing a Revel-for-sale story again.
It looks like the original bidder, Glenn Straub, has agreed to buy the property for $82 million. That’s $13.4 million less than his original bid, $28 million less than Brookfield Properties’ bid, and $2,318,000,000 (that’s $2.3 billion) less than it cost to build Revel.
It’s been a wild rollercoaster ride for Revel, the famed Atlantic City casino that was once billed as the jewel of the New Jersey seaside resort town. Built for $2.4 billion, the property went into bankruptcy protection last year and closed its doors.
Glenn Straub put in a bid for $95.4 million, but that was topped by Canadian property management firm, Brookfield Properties, which owns other casinos around the world, including the legendary Atlantis Resort in Bahamas. Brookfield eventually pulled their bid off the table.”
When Brookfield pulled out, Straub’s deal was still legal, but he no longer wanted the property – not for that sale price. Last week, a judge declared the deal dead, paving the way for him to put a new deal on the table.
The new deal will see Straub purchase the property for $82 million. The deal is expected to close by March 31st and Straub hopes to open the property this summer.
While there isn’t a lot of work to be done on the property, Straub wants to make some upgrades. Sure, the hotel rooms and complex is modern and gorgeous, having been built in 2012. But Straub does want to make some modifications to the building. Included among them are a few fixes that plagued the building.
The hotel lobby, for one, wasn’t very accessible and made the property feel closed off. Straub intends to fix that. It’s not certain, however, whether he’ll fix the casino problem. It was even more inaccessible to visitors off the boardwalk and even hotel guests. However, it’s not clear if the new Revel will include an operational casino.
Even without a casino, the resurrection of Revel is a good-news story for Atlantic City, a resort town that has suffered thousands of job losses with the closing of several casinos in 2014. No matter what the new property is used for, Revel’s reopening is a sign of hope for 2015.