Revel AC Inc., the bankrupt New Jersey casino operator, reached a deal to sell its shuttered Atlantic City property to Glenn Straub’s Polo North Country Club Inc. for $90 million, absent a better offer, Bloomberg News reported today. Revel, which opened in April 2012 at a cost of $2.4 billion, has filed for bankruptcy twice. After the second filing, in June, it sought a buyer willing to keep the resort open. When no acceptable offers surfaced, it closed this month, becoming the third Atlantic City casino to do so this year. The city’s gambling business has been hurt by competing casinos in Pennsylvania, Maryland and New York. Polo North is the stalking-horse bidder, whose offer for the property is subject to higher bids at a Sept. 24 auction, according to filings yesterday in U.S. Bankruptcy Court in Camden, New Jersey. Other potential buyers have until Sept. 23 to make competing offers. The case is In re Revel AC Inc., 14-bk-22654, U.S. Bankruptcy Court, District of New Jersey (Camden).
