ATLANTIC CITY, NJ—The Revel Casino Hotel was sold to Florida developer Glenn Straub’s company, Polo North Country Club, for $82 million.
The deal was finalized after four prior attempts to sell it fell through. Straub paid roughly four cents on the dollar for the casino, according to The Wall Street Journal.
Straub last week reportedly unveiled a plan to spend $500 million on numerous projects in Atlantic City over the next three years, including the purchase of Showboat, a hotel-casino next tot Revel. Dubbed Project Phoenix, the eight-part aims to transform Atlantic City with a host of amenities targeting affluent, tourists, sports enthusiasts, families and retirees, according to The Wall Street Journal.