By David Madden
ATLANTIC CITY, N.J., (CBS) — Word is a half dozen entities are considering the idea of buying the troubled Revel Hotel Casino in Atlantic City.
KYW’s David Madden spoke with a local gaming expert about the gaming hall’s future.
Roger Gros, who publishes Global Gaming Business magazine, believes next month’s scheduled auction in federal bankruptcy court will produce a new owner.
“It’s got everything a modern casino needs in terms of non-gaming amenities and if you can buy it for less than $200 million, I expect you could see it sold for sure,” Gros said.
Among those said to be interested are the Seminole Indian Nation which owns the Hard Rock franchise, Carl Ichan who owns Tropicana and Caesar’s Entertainment, which is planning to close Showboat in little more than a month.
Gros sees what would amount to a trade up by Caesar’s as a real possibility.
“By shutting a casino down and then buying another, they can claim to be saving jobs in one casino while shedding them in another. So it does make quite a bit of sense,” Gros said.
Particularly when it’s thought Revel could go for around $200 million — one tenth the cost of building it.
Must Read Today’s Top Stories
- Starbucks Offers Preview Of Racial Bias Training After Arrest Of 2 Black Men In Philadelphia
- Man Shot In Head During Pre-Prom Party In Philadelphia
- Study: Nearly Half Of Workers Say Work Space Too Hot Or Too Cold
- Ocean City Gearing Up For Memorial Day Weekend Crowds
- Police: Suspect Arrested After Stealing Woman’s Car With 2 Children Inside