A firm from New York has increased its offer to acquire the former Revel casino in hands of Glenn Straub to US$225 million.
US.- Keating & Associates LLC, a New York-based private investment firm, has reportedly increased its initial offer to US$220 million to US$225 million for the Revel casino, as representatives from the entity confirmed.
Jeffery Keating, co-chairman of Keating and Associates, said that the firm believes that the Revel is a magnificent property that never got the chance to be positioned the way that it should have been within the marketplace, and that they see it as a brand with global potential and Atlantic City to be an incredible starting point.
Nevertheless, Glenn Straub, the current owner of the facility denied that he received any offer for the property. “I haven’t heard of any offer. It’s costing me a million dollars a month to keep this place,” he said.
“Our plan is to develop one of the world’s top experiential destinations and to allow someone to truly Revel in their experience; to enjoy life with passion and exuberance. We are excited for the coming future and the Partners, Brands and opportunities we will bring to this property and Atlantic City as a whole,” said Keating. “There are a lot of exciting things happening inside of the city limits that we hope to be a part of beyond the campus of the Revel. We have never seen Atlantic City as anything other than a jewel that deserves the right setting.”
The state Casino Control Commission ruled on February that Straub needs to obtain a casino license despite his complaints that he doesn’t. His argument is based on the hiring of Connecticut developer Robert Landino to run the casino and he is suing New Jersey’s regulators for it. This allegation has been answered with a statement which indicates Straub still retains sufficient control over the property in order to need a license. The magnate says that he’s still planning on opening the facility.