Atlantic City Mayor: ‘Half-Dozen’ Buyers Interested in Revel Casino
One of Atlantic City’s endangered casinos might have a future after all. Don Guardian, the awesomely named mayor of AC, says there are six potential buyers for the Revel Casino Hotel. Revel’s owners say it will shut down if it can’t find a buyer by the end of summer.
Guardian, a Republican, shared the news at a news conference yesterday. “No, I’m not happy that three casinos are closing,” he said. “But I know that behind closed doors there are a half-dozen companies looking at the opportunity to purchase Revel.”
The Revel Casino Hotel is the second-tallest building in New Jersey, and the most-recent casino to open in Atlantic City. Revel, which is more like a Vegas strip casino than the others in Atlantic City, cost $2.4 billion. When construction stalled after the real estate bubble burst, New Jersey agreed to reimburse $261 million in taxes over the next 20 years.
The casino has been through two bankruptcies. It lost $21.75 million in the first quarter of this year.
On Wednesday, Moody’s downgraded Atlantic City’s debt rating to Ba1 from Baa2.