Is Glenn Straub’s Revelry In New Jersey Over? He Says No. Again.

After new documents suggest a sale of closed Atlantic City casino Revel is imminent, owner Glenn Straub continues to deny the NJ property is on the market.

We lost track of how many rumors owner of shuttered Revel nee Ten Casino owner Glenn Straub has denied in the past three years. So it is not exactly surprising he is, once again, denying the latest sale rumors of the New Jersey casino.

This time though, the other side has paperwork to back it.

Denver-based firm files sale settlement with Atlantic City

The Press of Atlantic City broke the news on the sale on Tuesday after discovering a settlement of sale filed with the Atlantic City Clerk’s office. The paperwork does not include a price or terms.

What it does include is a notice of sale of the Revel property to AC Ocean Walk LLC. If you cannot tell from the name, that is a new company set up to acquire Revel. The company behind it appears to be TEN RE ACNJ.

The man at the helm of this equally vaguely named company is Bruce Deifik. He also is the top man at Integrated Properties, Inc. out of Denver, per his LinkedIn profile.

The commercial real estate company’s past projects include the Hyatt Grand Champions Hotel in Palm Springs, CA as well as Lincoln Center in Denver. There is also a number of office complexes, shopping centers, and apartment complexes in the company’s past portfolio holdings.

Currently the group holds one other casino property, a small venue in North Las Vegas called Lucky Lucy Casino.

Straub insists this is another New Jersey casino sale hoax

In Straub’s defense, none of the previous sale rumors ended up panning out. However, with this level of paperwork filed, it is interesting that Straub will not even acknowledge he knows who the buyers are, let alone had discussions about selling the casino.

“Screwballs come out of the woodwork. I never signed anything,” Straub told the Philadelphia Inquirer. “Some guy gets some notary public. You know your secretary can get a notary.”

The response is no surprise for Straub, who is known for his sharp tongue. However, with his legal battle with Atlantic City over whether or not he needs a casino license going nowhere, selling the property does seem like the easiest way to spare Straub legal fees in addition to the cost of upkeep for the casino.

Deifik has more in common with Straub than you think

Before you get too worried that the eccentricity of Revel disappearing with Straub, Deifik has his charms. Most notably, he was the owner of The World Series of Fighting. Like Revel nee Ten, this company underwent an identity change too. It is now known as the Professional Fighters League.

Deifik is currently part of several lawsuits involving his time with the fighting organization. Numerous individuals filed suit against him in 2016 for breach of contract, among other things.

In other words, it could be a new owner for Revel. But there is some evidence suggesting the same antics will continue.

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Revel Finally Sold? Sale Agreement For Atlantic City Resort Surfaces

The owner of the shuttered Revel resort in Atlantic City has sold the property, according to a report in The Press of AC.

A sale agreement for the shuttered Revel resort in Atlantic City exists, according to a report in The Press of AC.

But the details are still hazy, and it’s not clear if the deal has or will go through. The resort’s owner claimed ignorance of the sale document.

What we know about Revel sale so far

The details of the sale of the former Revel are unknown. All we know is that a sale agreement exists. Per the Press of AC:

A Colorado-based company has filed an agreement of sale with the Atlantic County Clerk’s Office, signaling its intention to purchase the closed Revel Casino Hotel. … No price was listed in the document and the sales document has not yet been filed, according to the clerk’s database.

However, NJ Gambling Sites found the record at the clerk office’s website. You can view it here.

Owner Glenn Straub claimed not to have knowledge of any of it, however, according to the Press of AC report.

The buyer according to that document is Mile High Dice MGR, LLC, which is based in Colorado. A search of the internet reveals nothing about that group’s background.

Still TEN AC or not?

Straub planned to reopen the resort as TEN. It’s not clear if that name and branding will live on.

However, it would seem a safe bet that the incoming owner would like to put its own stamp on the property.

On the other side of the ledger is that fact that the TEN brand and website have already been around for awhile, and at least some are familiar with the new name of a property that never actually hosted visitors.

The TEN website is still operational, and offers a planned opening of 2017, although that promise has existed for quite some time.

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The end of the Revel saga, or the next chapter?

If indeed the sale of Revel goes through, it begins the next step in the infamous history of the troubled resort.

It was built at a pricetag of more than $2 billion, but it closed in 2014 after opening just a few years earlier.

After that, Straub bought the property for pennies and the dollar. Ever since, there have been promises of reopening the gleaming resort that have always come and gone with no actual action.

Is the Revel actually coming back? Is the sale a done deal? Will have to wait to see.

Image credit: John Arehart / Shutterstock.com

Potential TEN Buyer Decides To Sweeten The Pot

A NY finance firm upped its offer to buy TEN Resort from Glenn Straub, but Straub maintains the offers for the NJ casino are all just smoke and mirrors.

Back in July, rumors swirled that there was a $200 million offer to buy TEN Resort in Atlantic City. The property’s current owner, Glenn Straub, denied the deal’s existence at the time.

Now though, the bidder is publicly singing the praises of what was once Revel Casino. They are also sweetening the deal, offering $225 million.

Buyers see NJ casino property as full of potential

The company interested in purchasing TEN is a private New York finance firm called Keating & Associates LLC. The group previously offered $220 million for the shuttered property. They added another $5 million to the deal last week.

Keating released a statement in tandem with their offer. The company’s co-chairman, Jeffery Keating, spoke about the potential of the closed casino:

“We feel that the Revel is a magnificent property that was never positioned the way that it should have been within the marketplace. We see it as a brand with global potential and Atlantic City to be an incredible launching point.”

“Our plan is to develop one of the world’s top experiential destinations and to allow someone to truly Revel in their experience; to enjoy life with passion and exuberance. We are excited for the coming future and the Partners, Brands and opportunities we will bring to this property and Atlantic City as a whole.”

Keating is not wrong. Atlantic City is in the midst of a renaissance.

Casinos are finally turning revenues around after a decade of declines. The city is diversifying beyond just casinos to offer more diverse entertainment options, too. While it is unclear if there is room in the economy for another casino to open up, Keating is right to see promise in the property.

Plus, given that the casino cost $2.2 billion to build, the price tag is certainly not that steep at all.

Straub denies any offers are real

There is one little problem in Keating’s plan, unfortunately. Straub claims there is no offer. More specifically, there is no cash on the table. At least, that is what Straub told the Press of Atlantic City.

“One day we counted all of the offers that we have received, and we counted 105. The problem is that people make offers and no one puts a dollar down.”

Straub still has not opened the property after purchasing it for $82 million in 2015. There are a list of reasons to explain why the property is not up and running. The most notable one is that Straub refuses to get a casino license. He is fighting the state in court on the issue.

In the meantime, Straub claims he is spending $1 million a month in upkeep on the property. That number only appears to be getting bigger too. However, this is a man who often insists what others are saying is not true, so take that with a grain of salt.

He also maintains he is still committed to re-opening the property, it just appears he is not willing to do it unless it is on his terms.

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The Ladies Of Florida Do Not Love TEN Casino Owner Glenn Straub, They Sue Him

Glenn Straub is embroiled in two legal battles in Florida, both with women who claimed to be romantically involved with the TEN NJ casino owner.

By now, we are used to hearing about TEN Resort owner Glenn Straub feuding with various Atlantic City people and places. His disputes over the past year include:

His latest battles are in his home state of Florida, however. They do not have anything to do with casinos, either.

In fact, both problems involve women who may or may not have been romantically linked to Straub at one point.

Broward County investigating NJ casino owner for fraud

Straub is currently the subject of a fraud investigation by Broward County officials in Florida. According to reports, Straub and his construction company filed for a $64,400 lien on a Florida ranch. There is another lien on a Florida townhouse as well.

Straub is seeking compensation for repair work and construction on the sites. In addition to owning TEN, Straub also operates a construction company.

The owner of the properties is Jessica Nicodema, 33. She claims the liens are fradulent and she does not owe Straub anything. Nicodema claims she was in a relationship with Straub. She believed her status as his girlfriend meant the work was a gift.

Straub recalls things a little differently, according to Press of Atlantic City:

“I didn’t know that she was a girlfriend. There is no truth to the matter. To get back at us, she is saying that we excessively put too high a lien on her property. They can put anything in a lawsuit that they want.”

Nicodema did file a suit against Straub claiming the liens are fradulent. Authorities are looking into the validity of her claim.

Straub in a legal spat with second woman

Nicodema is not the only Florida woman legal sparring with Straub. The Sun-Sentinel reports Straub and his company filed suit against a second woman on Aug. 9.

The suit claims there was “business arrangement” with Ashley Maguire, also 33. Straub claims his company gave her $100,000 to pay for a lease on her home. In exchange Maguire allegedly failed to live up to her vague end of the bargain.

The lawsuit tries to explain exactly what Maguire was supposed to be doing:

“[Maguire] claimed to have strong ties in Wellington with wealthy equestrians and wealthy business executives with whom she could use her beauty and charms in assisting with selling expensive country club memberships, sponsorships, and promotions. Defendant never commenced a single day of work for, or on behalf of, plaintiff.”

Maguire claims she paid back $6,200 in cash as well as $35,000 in clothing and beauty costs. Maguire’s attorney, Michael Pike, suggests Straub’s claims are unfounded.

“This is a classic example of the powerful abusing the judicial process and wasting judicial resources to attempt to create leverage in a demented love triangle,” he said.

It appears Straub has more than demented love stories on his hands, both of which could prove costly to him.

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With New Chatter That TEN Is Being Sold, Does Atlantic City Need To Slow Down Growth?

A report says TEN Atlantic City has been sold. But is AC’s resort industry trying to come back too soon and too fast?

It wasn’t that long ago that casinos and resorts were closing left and right in Atlantic City.

Just a few short years later, things are certainly on the upswing. But now there’s a question if things are happening too quickly in the gambling town.

The latest news is that TEN AC — formerly Revel — appears to be on its way to being sold for real, and reopened with gaming.

The latest on TEN AC

Roger Gros of Global Gaming Business Magazine was the first (and only) writer to report on Friday that a deal to sell TEN AC has been completed:

That fairly big piece of news hadn’t been widely reported as of Friday night by regional media outlets. But if true, it would bring to an end the ownership of Glenn Straub. His tenure in charge of the shuttered resort has been mostly a disaster, full of promises to reopen it that went unfulfilled.

But if he has successfully sold it, he probably made a pretty penny on the transaction. Earlier reports had a $200 million offer being put on the gleaming AC resort that was originally built for more than $2 billion.

Things ramping up quickly in AC

If TEN finally is sold and reopened — theoretically next year — it would mean two new casinos in the mix in 2018.

Hard Rock International intends to reopen the former Trump Taj Mahal next year as well.

On top of that, the existing resorts and casinos have been doing pretty well since several closures took place 2014. That includes:

The question becomes: Is all that expansion/reopening a good thing, or too much of a good thing?

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Is AC falling into the same trap, or can it grow again?

There are reasons to worry that AC cannot sustain all of these new/reopening resorts. The town can probably use the hotel rooms, for conferences and conventions alone. But casino gaming might be another story.

Adding up to three new casinos to the mix (granted the MGM/Caesars one would be in the distant future) has uncertain ramifications. Would those casinos be purely additive in terms of casino revenue? Almost certainly not. It’s far more likely that they will cannibalize the existing ones. The only question is how much.

AC has unquestionably been on the right track in recent months. But fears of too much growth too quickly could leave us with a scenario where all the casinos and resorts don’t survive once again.

Did Someone Make A $200 Million-Plus Offer On TEN Atlantic City?

The Press of Atlantic City reported that TEN AC has an offer of more than $200 million on the table for the shuttered resort and casino.

The Press of Atlantic City reported that TEN AC has an offer of more than $200 million on the table for the shuttered resort and casino.

What we know about the TEN AC offer

So far: Not much. But the Press of AC reports that it exists:

A New York City-based private equity firm has tendered a $220 million offer to purchase the former Revel, according to Alex Fredericks, director of operations for Digital Launch, the company representing the firm.

 

The offer by the firm, which Fredericks declined to name, was made in the last 10 days, he said.

TEN owner Glenn Straub also said he was unaware of an offer. While that might be bizarre for the owner not to know of a sale offer, keep in mind Straub says lots of things, including that TEN would reopen on numerous occasions and never did.

If offer exists, TEN’s owner should probably take it

The history of TEN — formerly the Revel hotel and casino — is a sorted one. The gleaming resort was built for a pricetag of more than $2 billion before shutting down while suffering huge operating losses.

Straub swooped in and bought the property for pennies on the dollar — $82 million — back in 2015. If Straub were to turn around and sell it, that would give him nearly 3x return on his investment. (We don’t know exactly how much he’s spent on the property over the past two years.)

A sale would seem to make a lot of sense, given that Straub has shown an inability even to have a soft launch since taking over and consistently butted heads with state regulators.

Even Gov. Chris Christie has suggested that Straub either put up or shut up.

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Strike while the iron is hot in AC

If someone is going to try to reopen TEN in earnest, now appears to be the time:

Does an offer exist? And will Straub take it? It’s the latest mystery in the ongoing of TEN AC.