Deal closes on sale of ex-Revel casino; Straub new owner

The site of Atlantic City's former Revel casino

The site of Atlantic City's former Revel casino (File Photo)

ATLANTIC CITY - (AP) - The sale of Atlantic City's former Revel casino to Florida developer Glenn Straub is complete.

His lawyer Craig Galle told The Associated Press the deal closed shortly after noon on Tuesday.

Straub paid $82 million for the casino, which cost $2.4 billion to build and operated for just over two years without ever having turned a profit.

The deal was finalized after four prior attempts to sell it fell through.

Galle says Straub has not yet decided what to call the property, which he is trying to reopen for summer.

Straub also has not finalized plans for the property, but has proposed a smaller casino, a water park, a hotel, and a health-themed spa.

Revel shut down on Sept. 2.

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