The Revel Casino and Hotel in Atlantic City New Jersey has finally been sold and it’s Florida property developer Glenn Straub who has made the purchase. Mr Straub’s company, Polo North Country Club will be the new owners of company when the sale is closed, which is due to be on March 31st, and in a statement by the companies attorney Stuart Moskovitz it was stated that, “Polo North is working diligently with it’s team to finalize an operational plan for the property to be successful, not just business as normal, as was done in the past.”
That operational plan will include a whole new easy to access lobby area, a $50 million expansion of the exterior and a health spa, which should all be complete by the time it’s hoped the tourists roll in this summer, however the one item on the agenda that is still outstanding is the actual casino. It’s not clear yet whether Polo North Country Club will be including a casino as part of the overall plan, however there will be many in Atlantic City who are simply pleased to see things moving forward.
The Revel has never actually turned a profit, and cost a staggering $2.4 billion to build and the $82 million that Straub is paying for the establishment is a fraction of that cost. One thing is for sure however and that’s the fact that the Revel name will not be taken, and it’s unsure what the new owners have planned on that front either. With Atlantic City casinos reporting a much better month in January than they have done for some time, maybe keeping the casino element out of the new project may not be a bad thing for all concerned, as to what its USP could be though, is anyone’s guess.