Bidding for Revel Casino to Take Place
The resplendent and glorious avant-garde façade of 47 story resort hotel building of Revel Casino in Atlantic City is up for grabs. The bankrupt organisation has made its $2.4 billion project available to interested bidders.
Established in 2012, the casino hasn’t recorded profit and has filed for bankruptcy on more than one occasion. The casino finally closed its doors to patrons this year, after unsuccessful endeavours to find a buyer to rescue them from second claimed bankruptcy.
Hot bidders for the property include successful developer Glenn Straub based in Florida, who has made a bid of $90 million so far. However, since numerous offers have been made to acquire the prized high end structure, an auction will be held next week to settle on the highest bidder.
Although the prospect of gaining such a magnificent architectural project on his hands, Straub’s patience is dwindling as negotiations and private bidding processes were drawn out by Revel board. Despite assurances of transparent and open auction processes, discussions by the board where held behind closed doors, from which Straub and his lawyers were excluded.
Straub looks to acquire the building to convert it to a meeting point for geniuses to discuss important issues and develop solutions to global issues like nuclear waste disposal. The idea is to continue with a casino within the premises, although it will not be the main attraction, or dominant feature of the enterprise.
Another possible party vying for a hold on the casino is real estate investor Richard Meruelo, who expressed a want to bid on Revel undergoing session in bankruptcy court a week ago. There have been several bids received to take over the stunning structure.
However, being the first bidder in an attempt to take new ownership of Revel, Straub is certain to collect a $3 million in breakup fee. Regardless of which party wins the auction bid on Revel next week, the final decision and approval on the matter rests.