Revel (TEN) (Appears To Be) Sold; New Owners to Reopen it (Hopefully For Real This Time) in 2018
The colorful history of Atlantic City's Revel-- er, TEN (do we call it TEN even though it never reopened with the new name?) -- appears to be starting yet another new chapter in its abbreviated life.
NJ.com, citing a report from Moody's Investor Service, is reporting a Colorado-based group, AC Ocean Walk, plans to acquire Revel for $200 million and then invest another $175 million into the property before reopening it just in time for the summer of 2018 -- which is right around the time its next door neighbor, the new Hard Rock, plans to reopen. However, as of Monday, The Press of Atlantic City says the Atlantic County Clerk's Office didn't have record of a sale.
Revel, a $2.6 billion project, opened in 2012 but closed two years later. Glenn Straub bought it for $82 million in the summer of 2015 but has never been able to reopen the casino.
Additional coverage: Could Expanded Casino Scene Spell Disaster for Atlantic City?