Colorado Firm Plans to Buy Shuttered Revel Casino
Moody’s Investors Service report issued Monday, Dec 11 setting out plans by a Colorado firm to buy the shuttered casino for USD 200 M together with the company’s application for a New Jersey casino license are the latest in a series of indications that Revel is headed for sale.
The report details the company’s plans for the casino, including a projected May 2018 opening and a USD 200 M purchase price. Moody’s says AC Ocean Walk briefed the ratings agency on its plans and financing.
But the casino’s owner, Glenn Straub, told The Associated Press on Monday he has no deal to sell it to anyone.
Straub, who bought it out of bankruptcy two years ago has maintained for months that there is no agreement to sell Revel. But a court proceeding involving whether Straub needs a casino license to open Revel under the name Ten include details of a mortgage the proposed buyers have obtained.
Revel has been closed since Sept. 2, 2014. It operated for just over two years, went bankrupt twice, and never came close to making a profit.
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