Bankrupt $2.4bn Revel Casino Sold For Just $90m

Bankrupt $2.4bn Revel Casino Sold For Just $90mAccording to the latest reports, Atlantic City’s $2.4 billion flop, the Revel Casino Hotel, has now been snapped up for $90 million by Florida real-estate developer Glenn Straub. Following announcement of the deal, Mr. Straub, said the purchase represented “an opportunity [for AC] to turn things around,” before adding:
“That’s what they need right now—a new direction. Give us our six months, and we’ll actually physically be open. In two years, we’ll be 100% open.”
Nevertheless, Mr. Straub has not indicated whether Revel would continue to operate as a casino, although he did hint that he was not keen to see his family profit from a solely gambling based enterprise. Mr. Straub is president of the Polo North Country Club, a company which currently has 600 different projects on the go, and talking about what his company does, replied:
“We feel the city needs what we do – we are like doctors who turn around sick patients. We turn around big properties.. It’s not going to be just a casino. There’s four people that would make excellent casino operators, but that building is much, much more than just a casino.”
Apparently, Palm Beach Polo has already paid a $10 million deposit towards the purchase, although the company is considered just an initial bidder, and could receive a $3 million break-up fee if it is eventually outbid at auction.
The huge Revel casino resort cost $2.4 billion to build and opened in 2012 complete with 1,800 hotel rooms, 14 restaurants, as well as numerous theaters and nightclubs. Revel also employed around 3,100 staff, who subsequently found themselves out of a job after it closed less than a week ago.
However, Revel’s problems are systematic of the woes currently besieging Atlantic City’s declining casino industry, and by the end of 2014 AC is expected to have lost 5 of its 12 casinos, with the The Atlantic Club already having shut its doors in January, and the Showboat, the Trump Taj Mahal and Trump Plaza Hotel casinos all expected to follow suit.

Poker News
Japan Introduces Responsible Gambling Bill
28 May 2018
Japan’s bicameral legislature, known as The National Diet, consists of an upper House of Councillors and a lower House of Representatives, with the latter having started discussing the Integrated Resorts Implementation Bill last week. Being debated is the regulatory framework required in order to set up an efficient and well functioning casino market in the
Ohio Casino Revenue Up 1% to $71.8m in April
17 May 2018
The Ohio Casino Control Commission has released its gambling results for April, with the state’s four casinos collecting $71.8 million last month, up by almost 1% compared to the prior year. Meanwhile, the Buckeye State’s seven racinos fared considerably better, with their revenue rising by 8% to $89.7 million from their slots and video gaming
NJ Generates Record iGaming Revenues in February
15 May 2018
In April, New Jersey’s online gambling market saw its revenue rise by 10.6% to $23 million versus the same month in 2017, with the amount posted second only to the record $25.6 million collected in March 2018. As a result, the Garden State has now generated $92.5 million over the first four months of this
Virginia Poised For Historical Gambling Expansion
11 May 2018
Virginia is among the country’s more conservative states when it comes to gambling, and for many decades has resisted the allure and revenues that the industry might bring. In the 1990s, for instance, its legislature turned down a push for riverboat gambling, and the following decade Internet gambling cafes were outlawed. For the past five