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Wellington investor expected to sell Atlantic City casino for $200 million
Glenn Straub paid $82 million for the Revel Casino Hotel but has not reopened it
Wellington-based Glenn Straub is expected to sell the former Revel Casino Hotel in Atlantic City, New Jersey, for $200 million.
The Press of Atlantic City, a daily newspaper, reported that Colorado-based AC Ocean Walk LLC plans to pay $200 million for the property, invest another $175 million in it, and reopen it in May.
The newspaper cited a report by credit rating agency Moody’s Investors Service that details possible financing for the casino-property deal.
AC Ocean Walk, run by Colorado businessman Bruce Deifik, and Polo North Country Club Inc., owned by Straub, filed a notice of settlement in October for a sale of the property, The Press of Atlantic City reporte. But Straub has denied he is selling. He was unavailable for comment.
Moody’s reported that AC Ocean Walk may obtain financing from Deutsche Bank for its planned investment in the former Revel Casino Hotel, originally built at a cost of $2.4 billion.
In August 2015, Straub bought the old Revel property for $82 million through a bankruptcy court proceeding and subsequently missed multiple self-imposed deadlines to reopen. [The Press of Atlantic City] – Mike Seemuth