After yesterday’s news that Atlantic City’s casino market might be crashing, there is some good news today. According to court documents, Florida developer Glenn Straub is willing to pay $90 million for the casino hotel.
Where it all began
Revel has been in financial trouble since the day it opened its doors. The financial crisis is mainly to blame here. Because of it, there just wasn’t enough cash available to finish the $2.4 billion resort and a decision was made to abandon the idea of a second hotel tower. When the casino was finally finished, management decided to market it as a holiday resort rather than a casino. Smoking was not allowed, there were no players’ clubs, no buffet and no special bus service. As a result, the casino did not attract many gamblers.
Where it’s going
It is currently still unclear what will happen to the Revel casino hotel. The bankruptcy process has started and the casino is hoping the judge will allow an auction which should end at the 24th of September. By that date Revel should then be sold to the highest bidder. Currently Straub is the highest bidder with his $90 million bid. At this point in time it is unclear what Straub’s plans for the casino hotel are.