But as Morgan Stanley was investing $1.25 billion to build Revel, hard times hit the Jersey Shore and Atlantic City gaming revenues cratered, from $5.1 billion in 2006 to $3.1 billion three years. Polo North bought the former Revel Casino, which cost $2.4 billion to build, for $82 million in April The surprising ACR deal sorta places a wet towel on Councilman Gilliam’s threat of condemnation. Revel Casino Hotel. This July 23, 2014, photo shows Revel Casino Hotel in Atlantic City. The casino cost $2.4 billion to build and never turned a profit. 2 after just over two. Straub bid $90 million for the casino that originally cost $2.4 billion to build, so apparently he’s no dummy himself. Revel Casino Sale Approved in AC, Even as Straub Objects.

How Much Did The Revel Casino Cost To Build A
How Much Did It Cost To Build Revel Casino

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Revel Casino was supposed to be a game-changer for Atlantic City. How much did the revel casino cost to build a

The high-end mega-property with $2.4 billion price tag aimed to change the way Atlantic City did business by cultivating an elite clientele, offering top-of-the-line entertainment and amenities, and employing a business plan not unlike the boutique casinos of Las Vegas.

Before the project even opened, it was plagued with problems. The casino economy in New Jersey tanked, the construction was rife with injuries and lawsuits, and the state had to intervene financially to the tune of $261 million just to get Revel in operating shape.

From there, things only seemed to get worse. After three quarters of eight-figure losses, the property filed for bankruptcy, then filed again before closing in September of 2014.

The story of Revel did not end there. After a complicated legal battle, Glenn Straub purchased the property for pennies on the dollar and proclaimed lofty plans for the premises. Legal red tape and political and business in-fighting kept those plans sidelined for over a year.

In 2017, the red tape continued to pile up. As Straub tells it, this is all the fault of Atlantic City bureaucracy, but by year’s end, Straub’s word would come to mean very little. With expenses and sale rumors piling up, Straub denied the property would change hands, but in January of 2018 he finally let go of his many dreams for what Revel could have been.

Instead, another group will reopen Revel, not as TEN, but as the much-less-memorable Ocean Resort Casino. There is a chance the casino’s future will be much brighter than the dull new name. However, it will be tough to overcome this building’s troubled past.

With that in mind, it is a good time to take a look back from the very beginning to now to see how this billion-dollar dream turned into a nightmare for the Garden State (to start from the very beginning, scroll to the bottom and read up):

January 2018: TEN is dead, long live Ocean Resort Casino

After weeks of denials and inconclusive evidence, finally a release came out announcing a changing of the guard in early January. Of course, it was not Straub who authored the release. Instead, it was the new ownership, which goes by AC Ocean Walk.

It is unclear exactly who is part of the company. The public face of the company is Bruce Deifik, its chairman. While Deifik was happy to chat about the new venture, Straub remained atypically silent.

Deifik announced via release that the company plans to spend $175 million in remodeling and repairs on the property. Then it will ideally open this summer, right around the time the Hard Rock AC opens its doors.

Unlike Straub, AC Ocean Walk is keen to launch gambling at the grand opening. It is even already in the process of obtaining a gaming license. Once open, Ocean Resort will feature 138,000 square feet of gaming space. In anticipation of a favorable US Supreme Court decision in the NJ sports betting case, there are also plans for a brick-and-mortar sports book on property.

Additionally, GAN, the company behind TEN’s social casino, will be powering a real-money online casino offering bearing the Ocean Resort name. GAN currently operates Betfair’s real money software, so it will ideally be easily vetted by gaming officials.

The aim is to launch sometime in H1 of 2018. If they succeed, they may not beat Hard Rock to the Atlantic City opening day, but it will certainly beat the other new kid on the Boardwalk to the online punch.

Late 2017: The sale rumors start

As the year went on, the promise of more opening day deadlines stopped. In their place were rumor after rumor about who was going to buy the former Revel casino.

The first rumor came in July, when a New York-based firm claimed it made a $220 million offer to buy the property. Straub once again claimed there was no such offer on the table.

In September the firm, called Keating and Associates, resurfaced in the news, sweetening the pot by offering $225 million. Now, while the casino cost over $1 billion to build, Straub only paid $85 million to buy it. So, while the number may seem like a pittance, it was actually a pretty reasonable offer considering how little Straub comparatively put into the operation.

Straub denied again, so Keating took its money elsewhere. Not too far elsewhere though. The group elected to purchase the property next door. The lot was originally designed to be a complementary high rise complex to go with Revel, called Revel Beach. In November, Keating bought the development rights, and plan to build a high rise with condos and retail.

Meanwhile, the sales rumors for Revel continued, except they started to hold a little more weight. Thanks to a paper trail, the Press of Atlantic Cityuncovered a sale agreement from a Denver-based firm in early October. Despite the paperwork, Straub still insisted he had not sold the property. However, he started to indicate he could be bought for the right price, which is a definite change of heart from his previous tunes.

In November, more paperwork surfaced, making a sale to the Denver company seem all the more certain. Still Straub said no. While he opened the door for anyone who wanted to show up with a checkbook to make an offer, he insisted he had not accepted any offer as of yet.

Which brings us to year’s end. It seems the sale is all but a done deal. If true, the casino could open for the first time in nearly four years this summer. What remains to be seen is if and when Glenn Straub will acknowledge his tumultuous relationship with TEN is finally over.

June 2017: TEN does not open

June 15 was not a day for celebration. Casino drive paradise island bahamas nassau bahamas map. There was no new casino on the Boardwalk as promised. Instead, the state put a lien on the property after Straub failed to pay proper taxes. With over $1 million in maintenance going into the property every month and legal fees piling up, it sure seemed like now was the time for Straub to sell.

Spring 2017: Another promise, even more skeptics

Even though Straub claimed the casino was 24 hours from opening, the property sat virtually untouched throughout the spring. With no observable progress, the number of vocal critics of TEN started to grow in number and celebrity.

Gov. Chris Christie went so far as to use his New Jersey radio show to harshly tell Straub to get out of the casino business and sell immediately.

Rather than heed Christie’s advice, Straub elected to announce a new opening date instead. He confidently said TEN would open on June 15.

March 2017: No real TEN, but virtual TEN goes live

The TEN property stayed shuttered while Straub continued to pile up permit problems. In typical Straub fashion, the bla

How Much Did The Revel Casino Cost To Build