Straub Denies $220 Million Offer for Revel Property

According to a local report, a New York private equity firm has offered $220 million for Atlantic City’s closed Revel (l.) casino property.

Developer Glenn Straub has been offered $220 million for his Ten casino property—formerly the Revel casino—according to a report in the Press of Atlantic City.

The offer comes from a New York City-based private equity firm according to Alex Fredericks, director of operations for Digital Launch, the company representing the firm. Fredericks did not name the firm.

Straub, however, told the paper he has received no such offer.

“I don’t know any private equity firms,” Straub said.

Straub bought the Revel for $82 million in bankruptcy court in August 2015, but so far has gone from one legal or regulatory battle after another and not been able to open any portion of the property, despite announcing several opening dates.

Digital Launch says it is a development and management firm that designs and implements strategies to effectively market product and talent through both the hard goods and digital commerce landscape, according to its website.

Straub’s latest battle over the property has dragged on for months. Straub says he does not need a New Jersey casino license to re-open a casino at the property as he only intends to lease the space to a casino operator. The state’s Casino Control Commission, however, ruled Straub needs full licensing. He has appealed that decision.

“If they rule in our favor, we will open the casino,” Straub said. “If they rule against us, maybe we will have to look for someone else.”

Such a move would please both city and state officials—including state Governor Chris Christie—who have called for Straub to sell the property to someone able to re-open it.