Six potential buyers for Atlantic City’s Revel
There are six potential buyers for the ill-fated Revel Casino Hotel in Atlantic City, according to Mayor Don Guardian.
The $2.4bn casino is Atlantic City’s newest, opening just over two years ago in April 2012, since when it has declared bankruptcy twice. Revel is one of four AC casinos to close or threaten to close this year, following the Atlantic Club, Showboat and Trump Plaza.
The current owners of the Atlantic Club are in talks with a potential buyer. The same is true for Showboat, however both the Showboat and Trump Plaza are currently planning to close in September. The same will be true for Revel if none of the six potential buyers follow through.
Guardian said: “I’m not happy that three casinos are closing, but I know that behind closed doors there are a half-dozen companies looking at the opportunity to purchase Revel.”
Revel warned staff in June that it would be closing this summer if a buyer wasn’t promptly found. It obtained a $125m loan from an existing financer in order to stay open until the auction, where analysts and others have said it is likely to go for a discounted price.
It has been reported that the Seminole Tribe of Florida might be interested in Revel if the price is right.
Revel will go up for bankruptcy auction next month.
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