Robert Landino, CEO of Centerplan Cos, announced that he has been working on a deal connected to the Revel Casino located in Atlantic City.
On Monday he said, he has been working on the deal for over a year, but however the deal is still not done yet.
“We are working on a real estate development in keeping with the reopening of Revel,” Landino said. “It’s part of a much broader initiative in Atlantic City,” according to a recent report.
In May, Landino formed Revel Beach North LLC which is located in New Jersey based on what a state document shows. The public would have to wait several months before a formal announcement is made about if this deal were to go through.
Landino’s company and DoNo Hartford, LLC developed Dunkin’ Donuts Park. It was publicly financed for $63 million. There were 6,000 seats in the big stadium which was for minor league baseball. Unfortunately, both of the companies were terminated by the city in June. This was their second missed deadline for a substantial completion.
After their termination, Arch Insurance did an investigation to determine who was responsible for the missed deadlines.
The city has blamed the developers for the missed deadlines. These missed deadlines will more than likely cause the Yard Goats baseball to be played in Hartford this summer.
The developers want to blame the city for the deadlines. They are arguing that the city said there were more than 100 change orders in the last two months before the May 17th deadline.
Landino proposed a settlement earlier this month. In the settlement he said he will cover the cost to complete the ballpark which is almost complete, according to him. The city will drop their claim against the developers, according to him.
According to reports, the offer also required that the remaining $4.3 million would be used by the city to spend on the project. In the offer, they had to use the money before the developers started paying.
Hartford Mayor Luke Bronin however did not see the point of the deal. Therefore, he rejected it. He does not think it was serious.
On Monday, Landino said if the city or Arch Insurance decides to bring them back into the stadium project then the pending Atlantic City deal would not have any type of effect on work in Hartford.
He said, “We have six to eight active projects and six to eight in the queue.” Then he continued by saying, “It’s what we do.”
The $2.4 billion dollar Revel Complex includes a casino, a hotel, a concert venue and restaurants. It was opened in April of 2012 and then it closed in September 2014. They closed after declaring Chapter 11 bankruptcy twice, based on different media reports.
In April of 2015, it was sold to Florida real estate developer Glenn Straub’s Polo North Country Club. It was sold for $82 million. Straup had plans of reopening the facility in June. However, the plans for the reopen did not go through. The reason is because he was not able to receive a temporary certificate of occupancy.
Straub told the Press of Atlantic City newspaper that he has intended to act in such as a landlord for the property and have the casino leased. He also intended to lease at least some of the 1,500 rooms to operators that are third party and have casino experience. According to LinkedIn profiles of chief financial officer and chief information officer of Landino’s Revel North Beach LLC have worked for different casinos for decades, which includes Revel.
On Monday, Straub declined to comment.
Centerplan has expressed interest in a casino that was going to be built by a combination of Mashantucket Pequots and the Mohegan tribes. Also they held an option. However, in February, officials stated Centerplan the option was not held by an option anymore.
Atlantic City has been experiencing a decrease in tourist. The decrease in tourists have led to their casinos being able to generate a lot of revenue. This is due to more states having a lot of casinos. Now many people in the United States do not have to drive for a way to have some type of access to gambling.
The gambling activity in Atlantic City has changed. This deal might help out Atlantic City if it is able to go through. Atlantic City would definitely be happy if this deal can go through. It would be a big boost for their economy, if this were to work out. Maybe at some point in the future, there will be more casino type of deals trying to be made with Atlantic City. We have to wait and see what happens.