December 11, 2017
Atlantic City's Revel casino, the most spectacular of several large-scale busts in the resort town, finally sold on Monday to a Colorado investment group that had been rumored for months to be interested in acquiring the property.
A report from Moody's Investor Service confirmed the anticipated deal for AC Ocean Walk LLC, which is expected to spend $375 million to revive the massive beachfront casino.
The 47-story tower, completed in 2012 at a cost of $2.4 billion, closed its doors two years later as a spate of Atlantic City casinos went under and the city's finances crumbled.
Florida developer Glenn Straub purchased the Revel out of bankruptcy for just $82 million in 2015, with plans to rebrand it as TEN and reopen it earlier this year.
Straub immediately encountered setbacks with utility providers and former tenants at the building. Multiple promises to reopen the tower over the course of 2017 failed to be met as the developer also battled with the Casino Control Commission over the validity of an out-of-state license held by business partner Robert Landino.
AC Ocean Walk LLC will reportedly pay Straub's Polo North Country Club Inc. $200 million for the property and will invest an additional $175 million to bring the Revel back to life as early as May of next year.
The dazzling building features 6.3 million square feet, 1,399 hotel guest rooms and suites, three nightclubs, 13 restaurants and 55,000 square feet of retail space. The casino includes 100 gaming tables and 2,000 slot machines.
Straub, who has steadfastly denied reports of a sale for months, did not publicly confirm the pending deal on Monday.