ATLANTIC CITY, NJ (CBS) — There may be an offer to acquire the former Revel Hotel and Casino from Florida developer Glenn Straub, although Straub says that’s news to him.
It’s the latest installment in the ongoing saga over the fate of the $2 billion facility that never did a whole lot while it was in business.
Straub acquired the facility for $82 million in bankruptcy court almost 2-years-ago, but has yet to do anything with it. He has vowed to turn it into everything from a college to a refuge for immigrants.
His most serious effort, to reopen the hotel and casino under separate management as the Ten complex, remains stalled over a dispute that Straub would be required to obtain a casino license.
The reported offer comes from a New York based private equity company ready to put up$220 million for the still shuttered facility at the north end of the Atlantic City boardwalk.
Alex Fredericks with the PR company Digital Launch won’t identify those who have hired his firm, but says they have experience in the hospitality industry.
“They will be applying for a new gaming license predicated on the closure of the deal with the state of New Jersey,” Fredericks told KYW Newsradio.
Straub later told KYW Newsradio the suggestion is nothing more than what he called “fake news.”
“There’s no way anybody offers 220 and we would laugh in their face in 15 seconds after they’d do it,” Straub said.
Fredericks says the offer was tendered through Straub’s attorneys in Florida. Straub insists no offers have been made to anyone in his executive group.