A hearing has been scheduled for October 20. He complained to the Wall Street Journal that Revel’s owners insisted he come up with a better offer by 6:00 a.m, which he was unable to do. Straub, who offered, $95.4 million plans to sue. According to the Washington Post, another casino, Trump Taj Mahal, is expected to close its rooms later this month.īrookfield, which also owns Hard Rock Hotel and Atlantis in the Bahamas, outbid Florida real-estate developer Glenn Straub for the property. Of those, four closed this year, the most recent being Trump Casino, which shut its doors in September. Earlier this year, Atlantic City had twelve casinos. It’s not the only Atlantic City casino to suffer. Revel has declared bankruptcy twice following its opening. Since 2006, Atlantic City casino revenues have fallen by 45%, according to a 2014 report from the Center for Gaming Research, as competition rises from nearby states and from Las Vegas. The casino’s fire sale is another ominous sign for Atlantic City, the gambling Mecca for the Northeastern corridor that has hit rough times.
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