Revel, the Atlantic City casino that was just shut down for bankruptcy, with many to follow, has been auctioned off and has now been awarded to a new owner. This new owner however, many fear is going to have a rude awakening when it comes to finding out just how tough the casino industry has been on many of these casinos in the area – with so many more coming in the neighboring states around them.
The Many Details
So what did the bankrupt casino floors sell for? It sold today for $110 million. That is right, the bidder that got the highest number – $110 million won out the other bidders on the floor with this amount. The building cost $2.4 billion to erect and start and the new winner was able to get away with a bargain after the auction went through.
The company that now owns the casino also owns casinos in Las Vegas and the Bahamas. They are hoping to turn Revel around, even with the industry within the area the way that it is. They want to attract new customers and welcome back long time goers to the casino that was once a place they called home. One of the biggest things that they want to do is find those that lost their jobs and hope to offer them back. This will not only save the company money without having to train them all over again, but it can help out those families that are in need.
There is little to be said on what the other bids that went in were for, but the company that know owns it is excited to get started. They are excited to start a new journey and feel like the casino floors that they just purchased was like a gift because it is beach front property that they can make into so many things, including a casino – which they plan to do pending the necessary paperwork and permits from the state.
When they do so, we will be the first to cover the story and let you know exactly what is happening to the once highly thought of casino after it has been turned into something new, something shiny and definitely a place worth checking out.