Despite reports that the Revel Casino has been sold, the owner of the venue denies reports.
The gambling industry is one that is constantly changing and evolving. It is not uncommon for rumors to surface or new reports to be made each and every day. In the past, rumors have swirled that the former Revel Casino in Atlantic City was going to be sold. The current owner, Glenn Straub, has been unsuccessful with the property and seemed to want to offload it as quickly as possible. However, has been unable to do so, until now. Reports have surfaced that the Revel has been sold to a company based in Colorado, though real estate developer Straub is denying any deal.
Sold or Not Sold?
The former Revel Casino has been renamed TEN by Straub and was to be opened as a new gaming venue and hotel. However, Straub has been dealing with issue after issue which has led to the possibility of a sale. From licensing issues to other problems, it is not unusual for the property to be on the market. What is unusual is that Straub is denying that the venue has been sold.
In 2015, Straub spent $82 million to purchase the resort. In 2014, the Revel closed down after only being open for a short time and costing $2.4 billion to create. Straub essentially got the building for a steal. The developer had plans to open the property back up as a gaming venue. Several deadlines were made to open the casino, but each deadline was missed.
Over time, officials in Atlantic City urged Straub to offload the property if it couldn’t be reopened. Officials also told Straub that he had to be given approval for casino licensing, but Straub disagreed as he was not planning on operating the gambling venue and instead a third party would be in charge. Now, a company is claiming they are to be the new owners, but the current owner says this is not true.
What’s Going On?
Several news outlets are reporting that a notice of sale settlement was filed in October by the Polo North County Club Inc. a company owned by Straub. Based in Colorado, AC Ocean Walk LLC was said to be the buyer of the property, a company owned by Bruce Deifik. The purchase price was not disclosed in the filing. Deifik has yet to comment on the potential purchase while Straub has denied a sale.
So, was the property sold or not? It’s hard to say. It seems the paperwork does lie but with Straub denying the sale, who is to be believed. In October, it was first reported that Deifik was setting up to purchase the former Revel casino, yet no new reports surfaced. In the past, it was also reported that a company named Keating & Associates was set to purchase the former casino for $225 million but that deal reportedly fell through.
For now, it’s a waiting game to see if any new paperwork is filed or if Deifik comes forward stating that the sale did or did not happen. Atlantic City is seeing a revitalization over the past few months as venues are being revamped and online gaming is really taking off. Hard Rock International is busy working on the former Trump Taj Mahal that will become a Hard Rock branded property, so it would be nice to see the Revel sold and reopened soon as a gaming venue. There is potential for the Revel to be an operational casino once again, it just seems the right company needs to be in charge to see something happen. Hopefully, the building will be sold eventually and reopened for business.