Tags: Atlantic | City | Revel | Casino

Atlantic City's Revel Casino Reaches $90 Million Sale Deal

Wednesday, 10 Sep 2014 06:29 PM

Atlantic City's Revel Casino Hotel, which closed earlier this month after filing for bankruptcy, reached a deal to sell itself to a Florida developer for $90 million in cash, according to court documents on Wednesday.

The company said that Polo North Country Club Inc. and its president, Glenn Straub, had agreed to buy the hotel and had deposited $10 million into escrow.

As part of the deal, Revel is seeking court approval to modify bid procedures in order to pay Straub a $3 million break-up fee.

With 1,800 hotel rooms, theaters, nightclubs and 14 restaurants, Revel cost $2.4 billion to build. But the city's first new casino since 2003 was besieged by setbacks even before it opened. It filed its first bankruptcy in March 2013, winning approval for the prepackaged plan two months later.

It was also hurt by increased competition from neighboring states, which has prompted a spate of other Atlantic City casino closures this year.

Trump Entertainment Resorts, which operates Trump Taj Mahal and Trump Plaza, filed for Chapter 11 protection on Tuesday.

© 2017 Thomson/Reuters. All rights reserved.

 
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Atlantic City's Revel Casino Hotel, which closed earlier this month after filing for bankruptcy, reached a deal to sell itself to a Florida developer for $90 million in cash, according to court documents on Wednesday.
Atlantic, City, Revel, Casino
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2014-29-10
Wednesday, 10 Sep 2014 06:29 PM
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