New York Post – Hard Rock International is in deep talks to buy Atlantic City’s troubled Revel Casino, two sources close to the situation told The Post.
The 20-month-old money-losing Revel, which has been through a Chapter 11 bankruptcy reorganization this year, said last month it had hired Moelis & Co. to explore strategic alternatives.
It started looking for a buyer in June, The Post reported exclusively at the time.
Orlando, Fla.-based Hard Rock, whose eight casinos contribute to total corporate revenue of roughly $4 billion, has been looking to establish an Atlantic City presence.
In September 2012, it canceled a $460 million project to build Hard Rock Atlantic City due to poor market conditions.
The deal, if completed, would be a huge relief to New Jersey politicos. The seaside city has suffered from declining revenue for many years because of growing competition. A second casino, the Atlantic Club Casino hotel, the former Hilton, failed to find a buyer after two days of a bankruptcy court auction.
