The sale of Revel in Atlantic City has finally closed. Glenn Straub and his Polo North group acquired the hotel for about $82 million on Tuesday. That opened the next chapter in the Revel saga.
The utility company that supplies power to Revel had been threatening to stop providing the service if Straub did not agree to new terms. No agreement was reached and the power to the property was disconnected. Atlantic City officials immediately fined Straub for violating fire codes by not providing power to the second tallest structure in New Jersey. Fines will pile up daily while the former resort is not in compliance.
There is also a concern about the beacon at the top of the building not illuminating, warning planes about the potential danger. The FAA has been notified of the issue.
The Gold Strike in Jean, NV received preliminary approval for a proposed sale from Nevada regulators. MGM Resorts intends to sell the dilapidated property to JETT Gaming, operated by the former management team of Terrible Herbst.
According to the Las Vegas Review-Journal, JETT Gaming also received preliminary approval to add seven slot machines to each of the gas stations at the Jean, NV exit for I-15. Future plans include developing land owned west of the interstate to build a truck stop. This land was formerly Nevada Landing. It was demolished in 2008 to make room for a residential construction project. Those plans were shelved during the recession.
Gold Strike has seen better days. The property was developed in 1987. All of the machines at Gold Strike either operate on coins or require a hand pay. It has become a dumping ground for rejected MGM machines. MGM Resorts took the tallest of the two hotel tours out of service in 2011, closing about 500 hotel rooms. The current hotel hosts about 300 guest rooms. The property reaches out to truck drivers to help fill its rooms.
Fourteen baccarat players that hoped to keep $1.5 million won when Golden Nugget spread eight unshuffled decks lost another round. Golden Nugget in Atlantic City prevailed this week when a judge once again ruled the game to be illegal. The gamblers were again ordered by the court to return the winnings. Another appeal by the players is planned.