New York-based investment firm, Keating & Associates LLC reportedly has acquired the development rights to a site next to former Revel in Atlantic City.
A few weeks back, Keating & Associates made an offer of $225 million to acquire REVEL, which Glenn Straub purchased for $83 million in 2015. Straub says no way.
Keating wants to meet with Atlantic City officials to discuss the new project which includes retail space and Boardwalk access. The firm wants to build higher; up to 50 floors to handle retail, residential & commercial. The beachfront parcel is valued at approx. $8 million.
Atlantic City October gaming revenue shows the 7 casinos made total of $185.8 million. Revenue was flat.
Table revenue fell 3.7% to $50.5m.
$20.5m of online gaming, up 1.7% year-over-year
Borgata had the most revenue in OCT, but the casino also posted the month’s biggest year-over-year decline, falling 8.7% to $55.2m. Borgata Table game revenue was off 28% to $14.1m.
- Harrah’s up 3.5% to $30.3m
- Caesars up 9.5% to $25.7m
- Tropicana $24.6m, down 0.8%
- Golden Nugget $18.1m, up 9.4%
- Bally’s $16.8m, up 1.7%
- Resorts $15m, up 4.7%
The Supreme Court set a December 4 date for New Jersey’s appeal of the nation’s federal betting ban. Goal: Allow legal sports betting at Atlantic City casinos and state racetracks.
Note: NJ Governor-elect Phil Murphy is pro-North Jersey Casino.