Revel Casino Sale
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The planned sale of the shuttered Revel Casino in Atlantic City, New Jersey, to a Florida developer has been thrown into jeopardy following a decision by a U.S. Federal appeals court that would. A federal judge on Monday said she will approve a proposed $95.4 million sale of the closed Revel Casino Hotel to real estate developer Glenn Straub’s company, Polo North Country Club Inc. CAMDEN — Three years to the day after Atlantic City's $2.4 billion Revel casino opened - and seven months to the day after it closed - a bankruptcy court judge approved its sale to a Florida.
We lost track of how many rumors owner of shuttered Revel nee Ten Casino owner Glenn Straub has denied in the past three years. So it is not exactly surprising he is, once again, denying the latest sale rumors of the New Jersey casino.This time though, the other side has paperwork to back it.
Denver-based firm files sale settlement with Atlantic City
The Press of Atlantic Citybroke the news on the sale on Tuesday after discovering a settlement of sale filed with the Atlantic City Clerk’s office. The paperwork does not include a price or terms.
What it does include is a notice of sale of the Revel property to AC Ocean Walk LLC. If you cannot tell from the name, that is a new company set up to acquire Revel. The company behind it appears to be TEN RE ACNJ.
The man at the helm of this equally vaguely named company is Bruce Deifik. He also is the top man at Integrated Properties, Inc. out of Denver, per his LinkedIn profile.
The commercial real estate company’s past projects include the Hyatt Grand Champions Hotel in Palm Springs, CA as well as Lincoln Center in Denver. There is also a number of office complexes, shopping centers, and apartment complexes in the company’s past portfolio holdings.
Currently the group holds one other casino property, a small venue in North Las Vegas called Lucky Lucy Casino.
Straub insists this is another New Jersey casino sale hoax
In Straub’s defense, none of the previous sale rumors ended up panning out. However, with this level of paperwork filed, it is interesting that Straub will not even acknowledge he knows who the buyers are, let alone had discussions about selling the casino.
“Screwballs come out of the woodwork. I never signed anything,” Straub told the Philadelphia Inquirer. “Some guy gets some notary public. You know your secretary can get a notary.”
The response is no surprise for Straub, who is known for his sharp tongue. However, with his legal battle with Atlantic City over whether or not he needs a casino license going nowhere, selling the property does seem like the easiest way to spare Straub legal fees in addition to the cost of upkeep for the casino.
Deifik has more in common with Straub than you think
Before you get too worried that the eccentricity of Revel disappearing with Straub, Deifik has his charms. Most notably, he was the owner of The World Series of Fighting. Like Revel nee Ten, this company underwent an identity change too. It is now known as the Professional Fighters League.
Deifik is currently part of several lawsuits involving his time with the fighting organization. Numerous individuals filed suit against him in 2016 for breach of contract, among other things.
In other words, it could be a new owner for Revel. But there is some evidence suggesting the same antics will continue.
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Revel Casino Sold
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