Atlantic City TEN receives $220m purchase offer

  • 14th July 2017 | New Jersey, US
  • A New York City-based private equity firm has tendered a $220m offer to purchase the former Revel, according to Alex Fredericks, director of operations for Digital Launch, the company representing the firm. The offer by the firm, which Fredericks declined to name, was made in the last 10 days, he said.

    revel-casino-view300Glenn Straub, owner of the more than 6 million square-foot Boardwalk property, said he was unaware of any offer for the resort, which he has renamed TEN. He also said he had never talked to any equity firms regarding a sale.

    Straub bought the $2.4bn Revel for $82m in bankruptcy court in August 2015. Since then he has repeatedly talked about reopening the property, and has set several deadlines for doing so, but it remains closed.

    Digital Launch is a development and management firm that designs and implements innovative strategies to effectively market product and talent through both the hard goods and digital commerce landscape, according to its website. The firm has done ad work with Geico, Coke and Pepsi.

    State gaming officials have told Straub he is required to get some type of gaming license if there is going to be a casino on the property, but he maintains he shouldn’t be required to apply for one since he’s leasing the casino area to a third-party vendor. Straub previously talked about opening the facility as a resort without a casino.

    Straub has appealed the Casino Control Commission ruling that required him to have some level of casino license. “If they rule in our favor, we will open the casino,” Straub said. “If they rule against us, maybe we will have to look for someone else.” |