The Revel Casino Resort has finally been sold to Florida land developer Glenn Straub for $82 million, a steep drop from the winning bid of $95.4 million that Straub originally placed.
The deal is the third for Revel, which rejected offers from a Canadian developer and Straub, attempting to take the deposits that the developers had paid.
The deal will close on March 31st, and the building will re-open this summer. Straub is reportedly planning to expand the exterior of the casino as well as the health spa and lobby at a cost of roughly $100 million.
Straub has already paid in the $82 million to complete the deal, and includes the $10 million deposit that he had placed as a part of his bid to purchase the property. The investor will now negotiate resolutions to existing tenants as well as with the electricity supplier.