The Revel Hotel and Casino has said it has agreed to sell the entire development that closed earlier this month for just a fraction of what it cost to build. Polo North Country Club Inc and its president, Glenn Straub have offered $90 million for the Revel which cost $2.4 billion when completed in 2012.
In court documents the developer has shown full intent with depositing $10 million into escrow for 1,800 hotel rooms, theatres, nightclubs, casino and 14 restaurants that was the only casino built since 2003.
Sadly the Revel was besieged by setbacks even before it opened and filed its first of two bankruptcies in March 2013. In the second of its bakruptcy’s in June this year the development was put up for auction but no serious bidders came forward, meaning the hotel and casino closed its doors.
Straub’s new bid will now be put to an auction, which may produce a better deal or not. The Revel will be holding the auction on Sept. 24 at the New York offices of its law firm, White & Case.