News From The Casino Scene

New York Based Private Equity Firm Offers 220 Million To Buy Closed Atlantic City s Revel Casino

New York Based Private Equity Firm Offers $220 Million To Buy Closed Atlantic City’s Revel Casino

According to reports, a private equity firm from New York has offered $220 million to buy shuttered Revel Casino in Atlantic City, now renamed TEN. The unnamed company from New York City is being represented by the Digital Launch, a New York-based marketing firm.

The Operations Director, Alex Fredericks told the media that the offer was lodged in the past ten days. Glenn Straub, the owner of the casino, claimed he was unaware of any such offer. Straub bought the Casino from the bankruptcy bank for the total amount of $82 million, initially priced at $2.4 billion in 2015.

Revel casino was shut down after two years of its conception in 2012 due to its inability to bring profits. The reopening of the casino by Straub has been continually unsuccessful due to several issues including the requirements for gaming license have caused delays.

After the endless confusion about the casino is operational or not, it has been decided that gambling floor would be an important part of the operations. Despite multiple reports of the resort for potential sale, Straub confirmed he didn’t intend to sell the casino unless a good price might change their mind.

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