Revel Casino looks to sell itself to Hard Rock: NY Post
(Reuters) - Revel Casino, a lavish Atlantic city casino that went bankrupt early this year, is in talks to sell itself to Hard Rock International, the New York Post reported, citing two sources close to the situation.
Revel, which began looking for a buyer in June, hired Moelis & Co in November to explore strategic alternatives, the paper said. (link.reuters.com/xab65v)
Hard Rock, which has eight casinos around the world, canceled a $460 million project to build Hard Rock Atlantic City in September 2012 due to poor market conditions, the Post said.
Revel had filed for bankruptcy in March this year following a rapid decline of its casino complex that cost $2.4 billion to build and had been expected to bring a Las Vegas-style glitz to a city where gambling revenue had fallen for several years.
Officials at both the companies could not be reached by Reuters for comment outside normal business hours.
(Reporting by Rohit T. K. in Bangalore; Editing by Saumyadeb Chakrabarty)
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