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July 12, 2017

Report: $200 million offer made for Revel casino in Atlantic City

Casinos Revel
Revel TEN Source/TEN

The former Revel Casino, one of five to close in Atlantic City beginning in 2014, was supposed to be rebranded as TEN and reopen in 2017.

A private equity firm in New York City has reportedly made an offer of $200 million to acquire Atlantic City's shuttered Revel casino, now dormant for more than two years under the ownership of Florida developer Glenn Straub. 

Word of the offer was passed on to The Press of Atlantic City via a representative of Digital Launch, the development and management firm representing the unnamed private equity firm. 

Straub purchased the Boardwalk property out of bankruptcy for $82 million in 2015, three years after the 47-story tower was completed at a cost of $2.4 billion. Straub encountered a litany of setbacks with utility providers, sewage and former tenants before he announced last fall the casino would be rebranded as TEN. 

Several promised opening dates later, the property remains closed. 

Straub's legal battle with the Casino Control Commission centers on whether he should be required to obtain a gaming license when his business partner, TEN CEO Robert Landino, already holds a license in another state. The case remains on appeal and Straub has declined to reopen the property as a hotel-only venue in the meantime. 

Contacted by The Press of Atlantic City, Straub reportedly said he's unaware of any offers for the casino and does not know any private equity firms. 

Pressure on Straub to sell the casino has grown in recent months after Gov. Chris Christie, appearing on NJ101.5's "Ask the Governor" show, said the developer "hasn't been able to deliver" on the property.