This Monday brought the news that a Colorado-based investment company has purchased one of the iconic large-scale buildings in Atlantic City. The Revel Casino has the real chance to open for business again in 2018 after it was purchased by AC Ocean Walk LLC. The investment group has been eyeing the property for several months now and it finally decided to make the move and acquire the location for as much as $200 million. In the meantime, the known for his unpredictable nature owner of the venue claims that there has not been any deal signed.
In a report issued this Monday, Moody’s Investors Service stated that The Revel which is estimating to $2.4 billion is scheduled to welcome its first guests in May next year after a complete refurbishment. It was stated that the company is planning to invest some $365 million in the renovation of the beachfront casino in order to bring it back to its glory days and make it even more impressive. It could be recalled that the entertainment facility was finished back in 2012 and the 47 stories opened their doors to the customers. Unfortunately, only two years after that the location had to close for business among many other casino venues which could not survive the rough financial period in the gambling hub.
Previous Attempts to Reopen the Location
Shortly after the sinking of the Revel, Florida developer Glenn Straub purchased it from bankruptcy for a mere $82 million and ever since then he had set several deadlines for reopening the venue. He encountered issues with utility providers and previous tenants of the building, as well as a legal battle with the Casino Control Commission over a gambling license. Needless to say that to this day the facility remains closed, but this could soon change. When asked for a comment on the purchase announcement, Mr. Straub denied all statements that there has been a sale deal agreed. Even though there have been talks about the negotiation of the deal and many indicators show that it is approaching a sale, the current owner denied all such claims.
Among the evidence that there is such prospects is the fact that there are filings in a court proceeding related to the casino license he would need in order to reopen the Revel under the name TEN. They include details of a mortgage which has been obtained by the proposed buyers. The report published by Moody’s gives a detailed information of the future plans of the new purchaser of the gambling venue. Among them is the introduction of 100 table games, 2,000 slot machines, as well as 1,399 hotel rooms available for booking. The site will also feature a couple of swimming pools, a spa location, several night clubs and a wide variety of restaurant offerings.
Experts have warned that there are certain risks when it comes to reopening a location that has bankrupted once. It is also known that the former Trump Taj Mahal casino is currently being rebranded as Hard Rock Casino Resort and is expected to reopen in the summer of 2018. Two new casino venues could prove to be too much for the local economy, but with the steady surge of gambling revenue throughout 2017 operators are not concerned by any potential setbacks in the development of the field.