By David Madden
ATLANTIC CITY, N.J. (CBS) — The future of the financially beleaguered Revel Casino Hotel in Atlantic City will become a whole lot clearer this week.
Today is the deadline for prospective buyers of the $2 billion dollar complex to submit sealed bids to a New York law firm. Those bids will be opened later in the week, and then it’s all up to a federal bankruptcy judge in Camden.
Israel Posner, a gaming expert at Stockton College of New Jersey, predicts if any of the struggling gaming halls can be saved, it’s Revel.
“That will be the newest and nicest property on the boardwalk for a generation or two,” he said. “Why would that not be at least worth a look?”
But Posner suggests the eventual buyer might not want to run it as a casino.
“I think it brings out a lot of players,” he said, “whether they’re in the traditional casino industry or they’re in the resort tourism industry or something entirely different.”
And he says it’s not out of the question that a buyer might shut down Revel for a makeover.