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Atlantic Club Casino to Become Water Park, Sold to R&R Development Group, LLC

Atlantic Club Casino to Become Water Park, Sold to R&R Development Group, LLC

March 20, 2017 · Filed Under Online Gambling News 

Atlantic Club Casino Hotel Sold for  Developement Transformation into a Non-Gambling Destination

The Atlantic Club Casino Hotel was once an iconic destination for gamblers in Atlantic City. The Boardwalk casino was a major player in the once major gambling hub. It was launched as Golden Nugget back in 1980. The property closed its doors in 2014. At the time of closing there were four casinos that closed at the same time.

Real estate developer R&R Development Group is buying the property and has announced they will revamp the property and reopen it as a non-gambling destination. The amount of the purchase agreement wasn’t disclosed. Ronald Young reportedly announced that he and his real estate development firm will invest more than $135 million for renovations. Young is hoping to turn part of the property into a 300-room hotel with plans to start construction sometime this fall.

The casino part of the property is going to be occupied by a go-cart track. There will also be an arcade, a “world-class” one according to Mr. Young. Former owners of the property paid $13.56 million when it was sold before, so we know or can speculate that Mr. Young paid close to that if not more.

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Straub Deal or No Deal of Revel Finally Settled

February 26, 2015 · Filed Under Casinos, Online Gambling News 

Florida Developer Glenn Straub to Finally Purchase Revel Casino, March 31st Definite Sale for a Much Lesser Deal of $82 million

Straub Deal or No Deal of Revel Finally SettledCourt papers filed this week, Tuesday Feb. 24th, confirmed that US State Florida developer Glenn Straub, has finally struck a deal to purchase Revel Casino Hotel for $82 million by March 31st. The original plan for the purchase price of $95.4 million was abruptly shot down over a dispute of controlled space that is leased out by other business owners and tenants.

“For the first time in the Chapter 11 cases, the debtors now have a definitive purchase agreement that provides for a fully funded purchase price, specific performance, and certainty of closing,” Revel said in its motion asking the court to approve the deal.

The property originally cost more than $2 billion to build, but with $135 million in debt and the chaotic financial mess the Revel has been in since this all started, makes the $82 million purchase price seem not so bad, some would say “cheap” even!

Straub is purchasing the casino/hotel structure to build a water park. Straub himself states plans, “include major construction of a $50 million-plus expansion of the exterior area of the building and a $50 million- plus relocation of items such as a more accessible hotel lobby, a large medical/health spa and facility, etc.

The new agreement deal doesn’t resolve issues that caused the original purchase agreement to sink. Straub’s lawyer said that Straub’s plans to develop a recreational complex should be done and opened by summer if everything goes as planned.

A federal judge will have to approve the final sale, and is said to be ruled on by March 4th. If approved, this will make the third time a federal judge, well the same judge, Gloria Burns that has approved a deal between Revel and Straub.

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