Revel Casino Sale

Revel, the failed $2.4 billion casino in Atlantic City, New Jersey, built as a high-end playground for Wall Street bankers, sold for $200 million to a Colorado developer who plans to reopen it. A federal bankruptcy judge on Tuesday approved the sale of Atlantic City's former Revel Casino Hotel for 5 cents on the dollar to a Toronto asset management firm. A federal judge on Monday said she will approve a proposed $95.4 million sale of the closed Revel Casino Hotel to real estate developer Glenn Straub’s company, Polo North Country Club Inc.

Revel Casino Ac

When Glenn Straub bought the shuttered $2.4 billion Revel Casino in Atlantic City for just $82 million in a bankruptcy court, the Florida based real estate developer had huge plans to revamp the property which had a casino, 55,000 sq ft of retail space, a 32,000 sq foot spa, 13 restaurants and close to 7,000 parking spaces.

Casino sold to Fla. Developer for $82 million. It took five tries, but the sale of the Revel Casino in Atlantic City was finally approved by a bankruptcy court on Thursday. Built for $2.4 billion, the former Revel reopened as the Ocean Resort on June 27, the same day as the competing Hard Rock Hotel & Casino in what had been Trump Taj Mahal. The Revel had at that point been sitting vacant since September 2014, when it closed due to financial troubles after operating for only 2½ years.

Straub acquired the bankrupt casino back in August 2015 and had plans to open the casino as soon as possible. Now 24 months later, Straub is yet to open the casino as he has faced a number of challenges from vendors and legislators in Atlantic City.

The real estate developer has expressed his frustration on numerous occasions with the amount of bureaucracy and red tape that he has had to go through along with the lawsuits that have prevented him from opening the Revel casino.

Revel Casino Sale

Straub has made more than once announcement confirming a potential opening date, only to have to cancel those plans. He also admitted that had he known it would be this difficult to re-launch operations, he would never have bought the Revel casino in the first place. Recent reports from the Atlantic County Clerk’s Office show that a sale of agreement has taken place between Straub’s company – Polo North Country Club and a Colorado based company known as Mile High Dice.

The filing read

Polo North Country Club Inc., a Florida Corporation, and Ten RE ACNJ, LLC, a New Jersey limited liability company, are parties to a Purchase and Sale Agreement, with respects to the purchase and sale of the real property at 500 and 601 Boardwalk.

The agreement shows that Straub has sold the controversial power plant and the casino property to Mile High. Bruce Deifik has been listed as the manager of Mile High. Deifik is also the founder and president of Integrated Properties Inc which was established in 1990 and engages in acquisition, development, management, disposition and leasing of commercial properties. The deal will be subjected to regulatory approval and a sale price has not yet been listed.

Straub denied entering into any sales agreement with Mile High Dice and said he never heard of such a company. He also said that anyone could make a filing and that it was probably done to cause more delays for his company.

Atlantic City Mayor Don Guardian said whoever bought the Revel Casino must look at opening quickly to create thousands of jobs for Atlantic City locals.

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We lost track of how many rumors owner of shuttered Revel nee Ten Casino owner Glenn Straub has denied in the past three years. So it is not exactly surprising he is, once again, denying the latest sale rumors of the New Jersey casino.

This time though, the other side has paperwork to back it.

Denver-based firm files sale settlement with Atlantic City

The Press of Atlantic Citybroke the news on the sale on Tuesday after discovering a settlement of sale filed with the Atlantic City Clerk’s office. The paperwork does not include a price or terms.

What it does include is a notice of sale of the Revel property to AC Ocean Walk LLC. If you cannot tell from the name, that is a new company set up to acquire Revel. The company behind it appears to be TEN RE ACNJ.

The man at the helm of this equally vaguely named company is Bruce Deifik. He also is the top man at Integrated Properties, Inc. out of Denver, per his LinkedIn profile.

The commercial real estate company’s past projects include the Hyatt Grand Champions Hotel in Palm Springs, CA as well as Lincoln Center in Denver. There is also a number of office complexes, shopping centers, and apartment complexes in the company’s past portfolio holdings.

Currently the group holds one other casino property, a small venue in North Las Vegas called Lucky Lucy Casino.

Straub insists this is another New Jersey casino sale hoax

In Straub’s defense, none of the previous sale rumors ended up panning out. However, with this level of paperwork filed, it is interesting that Straub will not even acknowledge he knows who the buyers are, let alone had discussions about selling the casino.

“Screwballs come out of the woodwork. I never signed anything,” Straub told the Philadelphia Inquirer. “Some guy gets some notary public. You know your secretary can get a notary.”

The response is no surprise for Straub, who is known for his sharp tongue. However, with his legal battle with Atlantic City over whether or not he needs a casino license going nowhere, selling the property does seem like the easiest way to spare Straub legal fees in addition to the cost of upkeep for the casino.

Revel Casino Atlantic City Reopening

Deifik has more in common with Straub than you think

Before you get too worried that the eccentricity of Revel disappearing with Straub, Deifik has his charms. Most notably, he was the owner of The World Series of Fighting. Like Revel nee Ten, this company underwent an identity change too. It is now known as the Professional Fighters League.

Deifik is currently part of several lawsuits involving his time with the fighting organization. Numerous individuals filed suit against him in 2016 for breach of contract, among other things.

In other words, it could be a new owner for Revel. But there is some evidence suggesting the same antics will continue.

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