Stricken Revel Has A Buyer – For $90M In Cash

Map of New Jersey (Photo credit: Wikipedia)

Revel AC Inc. said in a bankruptcy court filing Wednesday that it had reached a deal to sell its $2.4 billion Atlantic City property to South Florida developer Glenn Straub for $90 million in cash.

The deal was reached Friday, according to the filing. That was less than a week after Revel closed, putting nearly 3,000 people out of work.

The offer is less than 4 percent of the casino’s original price tag.

“It’s not going to be just a casino,” Straub said. “There’s four people that would make excellent casino operators, but that building is much, much more than just a casino.”

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If 4 Atlantic City Casinos Close In September, Then What?

English: Atlantic City (NJ) – The boardwalk in a rainy day (Photo credit: Wikipedia)

ATLANTIC CITY, NJ – This resort faces the prospect of having four major vacancies on its famed Boardwalk come mid-September.

The grim reality sank in July 14 when Trump Plaza issued layoff notices and targeted Sept. 16 as the date to cease operating as a casino.

Perception is reality in tourism, experts say, and the Boardwalk is synonymous with Atlantic City. How will four hulking, empty buildings sit with visitors – especially at night – and will they impede tourism when Atlantic City needs it the most?

“When an area goes dark, and there are increased vacancies, it generally sends out more than a subtle message that things are not promising on the horizon,” said Don Moliver, dean of the Leon Hess Business School at Monmouth University.

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