There are new rumors about the sale of Revel Atlantic City. This casino resort, which cost $2.4 billion to build, has sat empty for the last three years. There have been several rumors about Revel’s sale over the last few months, and this month is no different. The latest news comes from a notice from that Atlantic County Clerk’s office, which was made public. This notice seemed to suggest that Revel’s current owner, Glenn Straub, might have found a buyer.
A document made public by the Atlantic County Clerk’s office, suggests Revel Atlantic City may have a new buyer.
New Revel Buyer Found?
The notice that has been made public by the clerk’s office is a Notice of Real Estate Settlement, which was signed on the 30th of October. The notice lists a company called AC Ocean Walk LLC as the buyer of 500 Boardwalk, which happens to be the address of Revel. The price of the transaction was not disclosed.
AC Ocean Walk seems to be owned and controlled by Integrated Properties. This company is based in Denver and has had some dealings in the casino world. These included helping to develop Lucky Club Hotel & Casino in Las Vegas. In early October, an agreement of sale was filed. However, Straub simply stated that he can file whatever he wants to and that he has never been in contact with Integrated Properties.
Revel Owner Making No Friends
Straub seems to really enjoy keeping local media in the dark about his plans. When questioned about the latest filing, he simply said again that he could file anything he wants to, it doesn’t mean it’s true.
He hasn’t made many friends with Atlantic City officials either. He acquired Revel for $82 million in 2015, after it closed in 2014, and has been on the wrong side of officials a few times. Straub has refused to get a casino permit, despite being required to by New Jersey laws. He says he doesn’t need to, as he will be leasing the casino floor to an operator that will already have a permit. He’s also refused to pay fees that are used to improve the city and refuses to be part of the Payment in Lieu of Taxes (PILOT) program. This is because Revel isn’t currently a casino.
Several officials have actually stated that they hope he does sell the Revel. Time will tell what happens with the resort.