Atlantic City’s mothballed Revel/TEN casino reportedly sold

Confusion reigns over whether Atlantic City’s mothballed Revel casino has been sold, with the property’s owner saying one thing, and official documents saying the opposite.

Revel was supposed to jumpstart AC’s struggling casino business when the $2.4b property opened with great fanfare in 2012. But gamblers never really took to Revel, and its owners filed for bankruptcy twice in the next two years before closing the property for good in September 2014.

Revel was eventually bought for pennies on the dollar by Florida-based developer Glenn Straub, who renamed the property TEN but balked at New Jersey regulators’ demands that he submit to the background probing required for anyone looking to receive a gaming license, and the resulting impasse has kept the property on the inactive list.

Rumors of bidders interested in taking Revel/TEN off Straub’s hands have come and gone, and the latest has Ten RE ACNJ LLC, an entity linked to Colorado-based developer Bruce Deifik’s Mile High Dice MGR, reportedly filing ‘agreement of sale’ paperwork with the Atlantic County clerk’s office on August 31.