Revel Atlantic City Sale Advancing

More paperwork—in this case a notice of settlement—concerning the sale of the shuttered Revel Atlantic City casino to a Denver-based firm have been filed in New Jersey, but the casino’s owner continues to deny the sale is imminent. Glenn Straub, owner of the property, again told local media he knows nothing of the possible sale. However, this is the second time Colorado-based Ten RE ACNJ has filed regulatory paper work for the acquisition of the property.

Glenn Straub, owner of the former Revel Atlantic City casino continues to deny it, but a sale of the closed casino seems to be progressing through New Jersey’s regulatory process.

The local Press of Atlantic City reported that Polo North Country Club Inc., owned by Straub, and a Colorado-based group have filed a notice of settlement for the sale with the Atlantic County Clerk’s Office. The notice filed on October 31, lists AC Ocean Walk LLC as the purchaser. According to state records, the company is managed by the Colorado-based Ten RE ACNJ, run by Colorado-based businessman Bruce Deifik.

The notice does not list a sale price for the property and the company did not comment to the newspaper. Straub, however, again denied a sale was imminent.

“I can file anything. It doesn’t mean it’s true,” Straub said.

Straub took a similar tack last month when the Press reported the company had initially filed an “agreement of sale” in August. The agreement of sale could have required some conditions such as financing and regulatory approval before a sale was finalized. Sources told GGB News that regulatory review for the new owners is under way, and that wouldn’t happen unless a deal signed by both sides had been filed with the state Division of Gaming Enforcement.

Deifik is founder, president and CEO of Integrated Properties, Inc. which was formed in April 1990 to handle acquisition, development, asset management, property management, leasing and disposition of commercial properties under the ownership of Deifik and his investment partners.

Projects by the company include the Hyatt Grand Champions Resort in Palm Springs as well as numerous office and retail centers in the Denver and Phoenix metropolitan areas, the Press reported. He is also the former head of the Nevada-based Greenspun Corp., owner of the Las Vegas Sun newspaper.

Another firm, Keating & Associates LLC, a New York-based private investment firm, recently confirmed it has made a $225 million offer for the property. The company issued a statement after the initial story on the filings broke saying they remained committed to purchasing the property and praised Straub for keeping the closed property in prime condition. Straub, however, has denied any negotiations with that firm as well.

Straub bought the $2.4 billion Revel for $82 million in bankruptcy court in August 2015.