Atlantic City's Revel reaches new deal for $82M

The shuttered Revel Casino Hotel in Atlantic City, N.J., appears to have a buyer, again, and, again, it's Florida developer Glenn Straub, who was cajoled back in, Reuters reports, by a discounted price of $82 million.

As Reuters writes, the deal follows two failed sale agreements for the hotel, which cost $2.4 billion to build and is struggling to emerge from the second bankruptcy since it opened in 2012.

"Clearly, with two bankruptcy filings in less than two years, the Revel Hotel & Casino is in need of innovative management," Straub said in a statement.

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Straub's said he would invest $100 million to expand the exterior of the building and making the lobby more accessible.

Straub said his three-year plan to integrate "quality of life and sports will help change the image of Atlantic City from a predominately gaming destination back to a world-renowned resort town."

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