Atlantic City’s $2.4B Revel Casino Sold for $82M

Atlantic City’s $2.4B Revel Casino Sold for $82M There has been some ups and downs with the sale of Revel Atlantic City but it seems that Glenn Straub has made the deal of the century having purchased the land based casino property worth $2.4 billion for the bargain price of $82 million.

He initially bid $95.4 million bid when the property was auctioned but he had failed to meet the deadline to complete the sale and Revel owners backed out of the deal.

Bankruptcy court Judge Gloria Burns agreed with Revel but had not issued a final order giving Straub and Revel's owners another opportunity to make a deal.

According to Straub's legal representative, the sale will be final as of March 31, 2015. The property will reopen by summer as a recreational complex, which will include a $50 million-plus expansion plus a new hotel lobby and a medical-health spa.

Straub reportedly paid the full purchase price of $82 million in cash but the deal is still pending approval from the bankruptcy court.

  • any offers .. ??
  • Seems to me there's definitely more going on here than meets the eye. $2.4B is a really high price tag in my view - no wonder the original owners went bankrupt! - but to then sell it for what amounts to peanuts in comparison makes me really suspicious. As others have already implied, something doesn't add up here...
  • Wow 82 mil in cash , definitely the rich get richer . That is a crazy bargain deal and that guy is gonna make a bloody fortune when all said and done . To own a casino like that for that price makes you foam at the mouth . Will allow for a lot of renovations and upgrades needed to make this a good and profitable establishment again . Gratz to him if it all pans out and the final spit handshake is ...too bad I didn't hit a lotto I would have bid on it ;)
  • it's imposibble , buyer and the seller must be in some kind of connection , and this deal will bring both sides good things . Those guys had a good reason definitely to sell it at that price , i dont think they are stupid at all :) but it will reveal itself at some point
  • This sounds "dirty money laundering programme" for me. 2.4bn value casino palace was sold for only 82 mln dollars? because of bancruptcy? this is impossible to believe such a fact.. Okay in the other hand, it should be some rich people involved, although, bankruptcy court aswell. Let's wait lil bit till the situation be solved out =)
  • man that was sold cheap... wish I had $83 mil so i could have outbid them :D
  • What can I say? Maybe now is the time to buy yourself a casino in Atlantic City:) But really,what a deal!! The new owners have to be extremely happy with their new acquisition and don't even mention the price for it. Revel casino looks really great from outside and I'm sure that is no less impressive indoors.
  • This can be considered as one of the best deals ever.When you look at the photo of casino ,you cannot admit that it looks spectacular.Buying a thing for a price that is only 3% of its worth is a dream buy.They will be probably able to sell it for a much better price,after a few years.
  • I read that Straub transferred $72 million in cash to Revel on Monday so his $10M deposit went toward the purchase price. The Wall Street Journal spoke with him directly so they've got some really good information on this whole thing.
  • I need more info about this latest move of Straub's. I am a bit confused. I remember when the first deal fell through. Straub asked the court if he could change his bid. At that time Straub's bid was that $95.4 million, just like it says. The bankruptcy court said NO. So, he didn't meet the deadline for what ever reason and Revel got the OK to back out, understandable. I even remember that their was a $10 million deposit in question. At that time no decision made whether he was gonna get it back or not. Now the bankruptcy court judge had not issued a final order giving Straub and Revel's owners another opportunity to make a deal. So when did all this happen? I agree with ya zuga, a real bargain. And it doesn't sound like anybody involved is complaining about the reduced price. It just sounds kind of shady, don't you think. Straub was turned down by the court about that bid change and they were just about ready to close the deal. Maybe that $95.4 mil was the real reason that Straub missed the deadline. Maybe missing the deadline was a loophole to get him out of that deal, but still allowed him to comeback, bid on Revel a second time and at the price he wanted to pay. I guess, if the deal is still pending approval from the bankruptcy court, we will just have to wait and see if .................... This is a BIG deal with super rich people involved. I will be very surprised if it does not go through. Wealthy people can do, accomplish, get away with (however you want to see this deal) almost anything. Just waiting to see..................

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