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The Revel Hotel & Casino was once shuttered due to debt. Unable make the necessary payments, creditors have found a viable second option through its second bankruptcy auction. For the deep, deep discount price of 93 million dollars the property was sold. The new owner is an established real estate investor from Florida with plans to capitalize on the buildings affordability to draw in new investors. The announced plans include several new additions including, a bowling alley and an indoor outdoor water park along with the already established HQ nightclub, Ivan Kane’s Royal Kelly burlesque club and the existing quality restaurants.
Although the sale is final as of an April court ruling in NJ southern federal bankruptcy court. There is an existing issue with an agreement for electricity with supplier ACR.
Honestly, under the right management the plans of the new owner are to add more family friendly attractions to make Atlantic City a year round destination could really work. I agree with the new ownership and also think the new Revel can be a quality destination, as the building is on par with the Borgata casino which has an amazing gaming floor, poker room, pools, night clubs, spa and general resort atmosphere.
The location at the end of the beach but also close enough to the boardwalk make me wanna be there for the relaunch of Revel. The pool areas were amazing and the rooms are the best in AC with beautiful views of the ocean and some of the best oyster’s I have had at $1 a piece, although the pricing may change in the new iteration of this resort. I personally feel this can reinvigorate the NJ gaming sector as 3 older casinos have closed, and as long as debt can be reigned in under normal levels this new Revel property could become the Equivalent of the Cosmopolitan Hotel and Casino in Las Vegas. A new hotel, geared toward a younger non gambling focused audience.
I will update with more information as to a relaunch date as it is announced. So far talk of a July 4 weekend launch date has been announced.