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Atlantic City's Biggest Flop Might Have New Owner

Revel Casino Could Be Sold To Colorado Firm: Report


The most expensive casino in Atlantic City’s history could be changing hands.

According to a report from Press of Atlantic City, a “notice of sale” was filed in Atlantic City by Colorado firm Mile High Dice, which is seeking to purchase the property from Florida-based real estate developer Glenn Straub.

The deal hasn’t been completed yet, and no purchase price has been made public.

Straub acquired the beleaguered casino in 2015 for $82 million. It cost $2.4 billion to build and required state help to open. Straub has battled with New Jersey officials over the licensing required to own a brick-and-mortar casino. He’s said on several occasions that he would consider flipping the property if the red tape wasn’t cut.

It was reported that a private investment firm out of New York made a $225 million offer for Revel, set to be called TEN, several weeks ago.

StraubRevel was one of four casinos to close in the seaside gambling town in 2014. Straub once considered turning the property into a university where his ideal student was “white and over 21.” “It’s going to be for geniuses,” he said of the potential school.

That plan was ditched. He also considered using the casino to house Syrian refugees.

Despite being closed, the casino launched a slots app earlier this year. Revel never ventured into the real-money online gaming space after the activity was legalized in late 2013.

Earlier this year, a new bill came forward that aimed to help Straub reopen Revel without securing a full-blown casino license. It doesn’t appear that those legislative efforts have made a difference.