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Atlantic City’s Revel Casino Set to Re-Open in June

Atlantic City’s Revel Casino Set to Re-Open in June

The Revel Casino, Atlantic City’s most expensive casino ever, is set to re-open this summer. The casino, which was bought by Florida businessman Glenn Straub last year, has been closed since autumn 2014 but is expected to open again in June.

The casino originally cost $2.4 billion and was bought for four cents on the dollar. According to Straub part of the property will be open again this summer including dining and hotel rooms and he plans to have a gaming floor. However, he is yet to receive a license from the State Division of Gaming Enforcement.

The news is reassuring for Atlantic City as a whole which has had a number of brushes with bankruptcy over the last few years. Revel was one of four casinos that closed its doors in 2014.
However, Straub’s purchase of the casino has not been without controversy. He has received numerous fines over the fire suppression systems in the casino and battled in court with the company that supplied power to the property. Before Straub bought the site there were also plans to turn it into a university or use it as temporary housing for Syrian refugees.

Furthermore, considerable damage has been caused by seagulls crashing into the windows which will cost Straub tens of thousands of dollars to repair.

The casino will receive a new name when it re-opens in June but Straub is yet to decide upon a new name. His plans come as the state’s lawmakers are preparing to OK a November referendum on casinos in north Jersey which analysts say would cause more damage to Atlantic City’s gambling market.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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