No qualified bids received for Revel
The Revel Casino Hotel may be one step closer to closing as no qualified bids have reportedly been received.
Harry Hurley, morning show host on Atlantic City Townsquare Media radio station WPG Talk Radio 1450 cites “well placed” sources as saying “no qualified bids” for the sale of the financially troubled casino have been placed. “This is not good news for Atlantic City” said Hurley.
Hurley says Revel’s Board of Directors will meet today and could make an announcement as early as Tuesday about its future.
A qualified bid, explained Hurley in an on-air call with a listener, involves several factors pertaining mostly to specifications set by Revel although he does not know Revel’s requirements. He says they likely include a deposit being available with the bid package, meeting cash flow requirements, the “financial integrity” of the bidder and meeting casino licensing requirements.
Atlantic City Mayor Don Guardian (R) said last month there were 6 potential buyers for the casino but did not reveal details about any of the bids. A bankruptcy auction scheduled for last Thursday was postponed to this week because lawyers need more time to review the bids.Hurley says the lack of qualified reasons is why the auction was postponed.
Moelis & Co. LLC, the investment firm hired to find buyers, said in a court filing that it reached out to more than 130 parties, including gambling operators, hotel operators and other investors. The firm is also reviewing bids and researching buyer backgrounds, according to the description of its work included in the filings.
Revel is the one of several casinos that have announced plans to close including the Showboat and Trump Plaza. Nearly 8,000 workers would be on the street if all three facilities close.
The Associated Press contributed to this report