NY firm attempts to buy Revel casino

Atlantic City Revel Casino acquisition

CreditS: CardsChat.com

A private firm from New York has offered US$200 million to acquire the former Revel Casino, in hands of Glenn Straub.

US.- Digital Launch has offered in representation of an unnamed firm from New York US$200 million to buy the former Revel casino in Atlantic City, owned by Glenn Straub. The gambling venue has been closed for approximately three years now.

Operations Director at Digital Launch Alex Fredericks said to The Press of Atlantic City that the offer was put in the table in the past week, even if Glenn Straub told media that he’s not aware of a proposal to buy the facility, which was acquired by the millionaire in 2015 for US$82 million, significantly less than  the original US$2.4 billion price. Last month, it was reported that a number of investors have recently expressed interest in the property.

The state Casino Control Commission ruled on February that Straub needs to obtain a casino licence 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.