After Rough Stretch, Some Good News For Atlantic City's Casino Industry
By David Madden
ATLANTIC CITY, N.J. (CBS) - With all the doom and gloom coming out of Atlantic City's casino industry these days, word on a couple of fronts that may pick up spirits in the resort town, if nothing else.
For starters, one of the recently closed hotels has been sold and a big time casino operator is back in business at another facility.
Revel has been sold for $90-million to the Polo North Country Club -- a Florida based development company. They've put a $10-million down payment in escrow, pending action in federal bankruptcy court -- perhaps later this month.
There is no indication the facility will operate as a casino.
Meanwhile, MGM is back as a half partner at the Borgata after a several year absence.
Concerns over dealing with organized crime elements in Macau have been settled, at least enough for state regulators, to allow MGM to re-enter the market and regain control of its share, which had been placed in a trust.