Would-be Revel buyers filed for New Jersey casino license
ATLANTIC CITY, N.J. (AP) — Here’s another indication that Atlantic City’s former Revel casino may be heading for a sale soon: A Colorado company that plans to buy it has applied for a New Jersey casino license and put up $100,000 for a non-refundable application fee.
AC Ocean Walk LLC, a group controlled by developer Bruce Deifik, applied for the license in October, the New Jersey Division of Gaming Enforcement said Tuesday.
The application is the latest in a series of indications that Revel is headed for a sale, despite the repeated denials of Glenn Straub, the Florida developer who bought it out of bankruptcy two years ago.
On Monday, Moody’s Investors Service issued a report on the company’s plans for the casino, including a projected May 2018 opening and a $200 million purchase price. Moody’s says AC Ocean Walk briefed the ratings agency on its plans and financing.
Deifik’s lawyer did not respond to a request for comment.
Straub 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.
Straub told The Associated Press on Monday he has no deal to sell the casino to anyone.
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.
But the Wall Street firm said new ownership stands a decent chance of success due to the newness and overall good condition of the property, and the company’s “good liquidity.”
It will have to compete for business with the new Hard Rock casino resort, formerly the Trump Taj Mahal casino, which is opening next summer.
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