Colorado Group Plans To Buy Revel Casino For $200M, Renovate, Reopen In 2018
Atlantic City's former Revel casino is on the cusp of a second revival.
A group of investors, led by Colorado-based Mile High Dice, formed the company AC Ocean Walk to purchase the casino and hotel for $200M, according to a Moody's analysis reported by NJ.com. The group also plans to invest $175M in renovating the building, which was initially constructed for $2.6B in 2012, and hopes to reopen in May.
Revel fell into foreclosure and was shuttered in 2014, before developer Glenn Straub purchased it for $82M in 2015. Straub rebranded the building as TEN but his reluctance to reapply for a casino license due to cost concerns prevented any movement on a comeback and prompted Gov. Chris Christie to ask him to sell in April.
TEN contains 2,000 slot machines, 100 gaming tables, 13 restaurants, multiple pools, a spa and 1,399 hotel rooms. It is Atlantic City's tallest building and the second-tallest casino in the U.S.