The former Revel casino hotel in Atlantic City — Courtesy: Governor’s Office/Tim Larsen
By Joshua Burd
A private investment firm reportedly has offered $225 million to buy the shuttered Revel casino in Atlantic City, although the property’s current owner says no such offer has been made.
A report last week by The Press of Atlantic City said New York-based Keating & Associates LLC made the offer recently, upping a previous offer of $220 million from earlier this year. The firm has also retained an attorney for the acquisition of the Boardwalk property, the report said, as well as other projects in the South Jersey resort town.
“We feel that the Revel is a magnificent property that was never positioned the way that it should have been within the marketplace,” Jeffery Keating, co-chairman of Keating and Associates, said in a statement, according to The Press. “We see it as a brand with global potential and Atlantic City to be an incredible launching point.”
According to report, the offer comes as crews perform maintenance outside Revel. But Glenn Straub, the Florida-based real estate investor who acquired the property in 2015, denied the existence of the offer.
“I haven’t heard of any offer,” Straub told the newspaper. “It’s costing me a million dollars a month to keep this place.”
The $2.4 billion megaresort closed in 2014 after barely two years of operation. Straub paid $82 million for the property during a bankruptcy auction and has talked repeatedly of reopening the property.
For more, see last week’s story by The Press of Atlantic City.
