ATLANTIC CITY, NJ—A new deal struck between the shuttered Revel Casino Hotel and Florida developer Glenn Straub's Polo North Country Club entity calls for a lower sale price but a promise by Straub to institute more than $100 million in renovations to the bankrupt gaming property.
Polo North Country Club will be purchasing the Revel for $82 million, less than the $95.4 million that it offered earlier. The new sales deal is expected to close on March 31, according to the Philadelphia Business Journal.
Straub is reportedly finalizing renovation plans for the building that include spending more than $50 million to expand the exterior and more than $50 million to relocate the hotel lobby and other structures to make them more accessible.
Polo North is engaged in negotiations with several tenants "with an eye towards being open and operational for season," Straub states.
"The three-year plan for vertical integration of quality of life and sports will help change the image of Atlantic City from a predominately gaming destination back to a world-renowned resort town," Straub says. "Clearly, with two bankruptcy filings in less than two years, Revel is in need of innovative management." See story in the Philadelphia Business Journal.
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