Wednesday, December 13, 2017

TEN Atlantic City could re-open in May under new ownership

Despite sitting empty for over three years, the shuttered TEN Atlantic City could reportedly begin welcoming guests again as soon as May after news emerged that the New Jersey property is purportedly in the process of being sold to a group of private investors for approximately $200 million.

According to a Monday report from The Press of Atlantic City newspaper, the revelation is based on financial documents concerned with the proposed loans needed to buy the Boardwalk property obtained by Moody’s Investors Service. The bond credit rating agency purportedly explained that an entity known as AC Ocean Walk LLC intends to purchase the closed venue from current owner Polo North Country Club Incorporated, which is controlled by billionaire businessman Glenn Straub, before spending an additional $175 million on renovations.

The newspaper reported that AC Ocean Walk LLC, which is managed by a firm called Ten RE ACNJ via Colorado businessman Bruce Deifik, is alleged to have signed a mortgage committee letter with Deutsche Bank AG for the $375 million total expenditure last month although the terms of the deal were not made public.

The Press of Atlantic City additionally reported that AC Ocean Walk LLC is thought to have filed a notice of settlement for the purchase of the Atlantic City property in October and would like it to re-open before the summer complete with 1,399 hotel rooms, 13 restaurants, pools, nightclubs and a casino offering some 2,000 slots alongside around 100 gaming tables.

The shuttered property was previously called the Revel Casino Hotel Atlantic City before undergoing a 2016 name change,

The newspaper reported that AC Ocean Walk LLC moreover wants the 6.3 million sq ft TEN Atlantic City, which cost some $2.4 billion to build in 2012, to re-open featuring a fully-functional 7,000-space parking garage and around 55,000 sq ft of retail space.

However, The Press of Atlantic City cautioned that Straub, who purchased the bankrupt property for $82 million in August of 2015 before missing several self-imposed re-opening deadlines, has continued to deny any such sale had taken place while no official record has yet been filed with the office of Atlantic County Clerk Edward McGettigan.


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