It’s been rumored for some time that the Revel Hotel and Casino in Atlantic City has a new buyer. This is something that has been denied every time by the current owner, Glenn Straub. Straub even went as far recently as to claim that the company rumoured to be buying the Revel was just trying to make the news. Well, if that’s true, they certainly have money to waste.
Revel Buyer Pays for Casino License
Earlier this week, an investment services company publicly claimed that the Revel Hotel and Casino was being purchased by AC Ocean Walk LLC, which is a company based in Denver. This company has been linked to the purchase of the $2.4 billion casino resort for some time. This week’s claims said they were paying $200 million for the property, with plans to invest a further $175 million for renovations before reopening. However, once again, Straub denied this claim saying he doesn’t know who this company is and he thought they were just trying to make the news.
Many people do not entirely trust Straub’s claims and believe that the deal is currently in progress. To further cast doubt over what he says, AC Ocean Walk has officially applied for a casino license. This involves paying the New Jersey Casino Control Commission $100 000 application fee, which is non-refundable. It seems unlikely that a company would spend $100 000 just to create the illusion they were buying the Revel.
Straub Makes Few Friends Since Buying Revel
As we’ve mentioned before, Straub has not made many friends since becoming involved with Atlantic City. He purchased the property in 2015 for $82 million and then promptly refused to apply for a casino license. He has also challenged the Payment in Lieu of Taxes (PILOT) system, arguing that the Revel is not an active casino at this time. He has also declined to pay the Casino Reinvestment Development Authority Special District’s fees. This money is used to improve Atlantic City, focusing on cleaning the city up and making it safer.
It’s safe to say that many are looking forward to Straub selling the resort. With AC Ocean Walk paying the $100 000 license fee, it seems unlikely that they’re just bluffing about being a new buyer for Revel.