It’s Official, Maybe – TEN Has A Buyer?
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Those eight words have been the source of one of the most cantankerous narratives in Atlantic City. And according to local sources, all that may come to an end with just one word: sold.
“A Colorado-based company has filed an agreement of sale with the Atlantic County Clerk’s Office, signaling its intent to purchase the closed Revel Casino Hotel,” the Press of Atlantic City reported.
Reports say Colorado group is the NJ casino’s buyer
According to PoAC, the name of the buyer is Mile High Dice MGR, LLC, and is based in Colorado.
The company filed a notice of sale agreement with the city in August, PoAC said.
Basically, a notice of sale agreement represents serious intentions to buy a property, but is not a sale agreement in the sense that it guarantees a deal will go through.
However, the developments indicate that Mile High Dice is relatively intent on closing a deal, thus ending a saga that city leaders are probably happy to see finished.
Who is Mile High Dice?
Mile High Dice’s head man is Bruce Deifik, CEO of Denver’s Integrated Properties, Inc.
According to Deifik’s company profile, Integrated Properties was founded in 1990 and has “acquired 103 commercial properties in five states in excess of 8.5 million square feet.”
At the time of publishing, the company held one casino: Lucky Club Casino & Hotel in North Las Vegas.
[i15-table tableid=4289]Not the first time the TEN has been in sale talks
Developer Glenn Straub’s TEN Atlantic City property has courted multiple suitors over the past two years. Those interested parties, mixed with Straub’s oft-outlandish behavior, have earned the TEN a comically dubious reputation.
The most recent interested party, according to NJ.com, was a New York private investment firm who reportedly wanted to make an offer of $225 million on the property.
The payoff would’ve represented a nice return for Straub. He bought the beleaguered property in 2015 for $82 million, an absolute steal considering the Revel was built at a cost of more than $2 billion.
However, Straub told local news sources he was unaware of an offer, muddying a situation that was already about as obfuscated is it could get.
There’s no telling what will actually happen with TEN AC
While the news of a potential buyer is encouraging it is by no means a certainty.
The TEN/Revel’s history has included many promises of renovations, repurposing, and grand openings, none of which materialized.
The latest disappointment? Straub said TEN AC would open on June 15, exactly one year after the casino’s much-ballyhooed first major reopening promise.
Both openings never happened.
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