Atlantic City's Revel Casino May Have New Owner
ATLANTIC CITY, NJ (CBS) -- According to published reports, the long-vacant Revel casino property may soon have a new owner. Its current owner begs to differ.
An NJ.com report says Colorado-based AC Ocean Walk LLC is poised to pay $200 million for Revel, and plans to invest another $175 million in the property.
Those figures come from a report from Moody's Investors Service, which provides credit ratings, research, and risk analysis.
The massive property, which cost $2.6 billion to build, and opened in 2012, was sold in 2015 for a comparative pittance, $82 million, to Florida-based developer Glenn Straub, who's set and missed several deadlines he'd set for its reopening.
Reached by phone on Monday, Straub denied there's been a sale.
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