According to the NY Post, Revel is in negotiations to sell the property to Hard Rock International, which has eight casinos and has looked in to adding a spot in Atlantic City for some time.
According to the Post – quoting unnamed sources – Hard Rock will do a massive renovation of the property, helping make it another destination for Atlantic City.
This summer, Resorts International saw an increase in revenue when it opened a Margaritaville restaurant.
Having a brick-and-mortar location in Atlantic City could help Hard Rock International in other ways; it would make it easier to get involved in online gambling and get a stake in any potential gambling expansion in North Jersey.
Revel has been a financial disaster since opening in 2012 and went through a bankruptcy reorganization earlier this year. It did, however, have a piece of good news in November, when it recorded the largest revenue gain of all the casinos— a staggering 134 percent increase, to $14.6 million from $6.2 million.
Finding a buyer, however, figures to be the biggest win the casino could have.
Revel increases credit by $75M, exploring strategic alternatives