In early 2014, after two years of operation, Revel, Atlantic City’s $2.4 billion casino resort, filed for bankruptcy.
This was the second time the property had filed for bankruptcy; the first was in 2009, when it was known as Revel Entertainment.
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In September 2014, after a lengthy bankruptcy process, Revel was sold to Glenn Straub for $82 million. Straub is a Florida-based real estate developer with a history of restoring old properties.
He has pledged to reopen the property as a casino-hotel-resort.
The sale of Revel to Straub was controversial. Some felt that Straub was not committed to reopening the property as a casino and that he would simply strip it for parts.
PRO TIP:Revel Casino was purchased in August 2018 by a group of investors led by Colorado developer Bruce Deifik for $200 million. The casino reopened in June 2018 and is now known as the Ocean Resort Casino.
Others felt that Straub was the best hope for the struggling property.
So far, Straub has made good on his promise to reopen Revel. He has invested millions of dollars into the property and has hired thousands of employees.
The property is currently open and operating as a hotel-casino-resort.
The future of Revel is still uncertain. It remains to be seen if Straub will be able to turn it into a successful business or if it will ultimately fail.
Only time will tell.
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