Mysterious firm makes $220M offer to buy former Revel casino

 In SCN Blog

ATLANTIC CITY — A private equity firm in New York City has put a $220 million offer on the table to buy the former Revel casino, which has been renamed TEN, according to a report.

PressofAtlanticCity.com reports that the private equity firm made the offer in the last 10 days, citing an operations manager for Digital Launch, which is representing the firm.

However, the operations manager, Alex Fredericks, declined to name the firm, the report said.

Glenn Straub, owner of the former Revel casino, told PressofAtlanticCity.com that he was unaware of the offer for his property, noting that he has never spoken to a private equity firm about a sale.

The former Revel casino — a 6-million-square-foot property that cost $2.4 billion to build — shut down in September 2014 after roughly two years without being able to turn a profit.

Straub bought the casino from bankruptcy court for $82 million, or about 5 cents on the dollar in April 2015.

The former Revel was set to reopen earlier this year under the new name TEN. However, several snags — including the need for a gaming license — have caused delays.

A more than $62,000 lien was slapped on the former Revel casino last month for unpaid fees, and state gaming officials told Straub that he must apply for a gaming license if there is going to be a casino on the property, according to the PressofAtlanticCity.com.

It remains unclear when the property will reopen, and Straub said last month that he would again miss the deadline to open a casino on the property, according to PressofAtlanticCity.com

 

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