Revel Casino Bankruptcy Auction Delayed
A bankruptcy auction among bidders of the Revel Casino that was set for Thursday, Aug. 7 has been postponed for a week to further analyze bids.
Owners of the casino-hotel have rescheduled the auction [geolink href=”https://www.usafriendlypokersites.com/revel-casino-bankruptcy-auction-set-aug-7/”]from Aug. 7[/geolink] to Aug. 14 in an effort to fully evaluate all of the bids received, according to a recent court filing. It was not revealed how many bids the Revel brass are poring over. However, it is more than one because the auction would have been canceled altogether had multiple bids not been submitted.
The deadline for submission of bids was Monday, Aug. 4. Due to the imposition of confidentiality requirements on potential buyers, details regarding the identity of the parties that submitted bids have not been made available, the Press of Atlantic City reported.
The fact that more than one potential suitor has emerged has renewed hope that the Revel will not have to close its doors this fall. Although a firm date for closure has not been set, a shutdown this fall is looming if a qualified buyer cannot be found.
One can speculate that the Revel is expecting to remain open considering that tickets for concerts scheduled at the establishment for later this year will go on sale as scheduled. Those events take place in October and November.
The Revel opened in 2012 following construction costs of some $2.4 billion. The latest bankruptcy filing is its second since opening. It is anticipated that bids for the property will be nowhere near $2.4 billion.
The buyer selected will apparently not be chosen simply by the highest bid received. Preference will also likely be dependent upon the bidder’s ability to obtain the required licensing from New Jersey gaming regulators.
The Revel is one of three Atlantic City casinos in jeopardy of closing in coming months, but the only one in which a firm shutdown date has not been set. The Showboat Casino is scheduled to close on Aug. 31, while Trump Plaza will turn away gamblers on Sept. 16.
Lawmakers, as well as employees of the casinos set to close, have been making their displeasure known lately. Both parties would like the casinos to remain open until new buyers can be found. Boardwalk protests have been held by affected employees, while legislators led by Sen. Jim Whelan have asked regulators to delay the closings.
The Atlantic Club closed in January and will not re-open as a casino. There is still hope that the Trump, Showboat and Revel will not meet the same fate and will continue to accept wagers and host tourists under new ownership.