Atlantic City's Revel casino reaches USD 90 M sale deal

In court documents the developer has shown full intent with depositing US$ 10 million into escrow for 1,800 hotel rooms, theatres, nightclubs, casino and 14 restaurants that was the only casino built since 2003.

The Revel was besieged by setbacks even before it opened and filed its first of two bankruptcies in March 2013. In the second of its bakruptcy’s in June this year the development was put up for auction but no serious bidders came forward, meaning the hotel and casino closed its doors.

Straub’s new bid will now be put to an auction, which may produce a better deal or not. The Revel will be holding the auction on Sept. 24 at the New York offices of its law firm, White & Case. The company also asked that the sale be exempt from New Jersey transfer taxes, according to court documents.

Revel was part of a push by New Jersey's Governor Chris Christie to bring Las Vegas-style gambling resorts to Atlantic City. He provided a US$ 261 million tax package to help finish the construction of the complex, which is the second-tallest building in the state.

However, by the time it eventually opened, neighboring states had approved slot machines and table games, cutting into Atlantic City's core market.