Revel casino sold for $82 million after $2.4 billion build

Revel Casino in Atlantic City cost $2.4 billion to build and opened in April 2012 with one 47-story tower and about 1,400 rooms.

Morgan Stanley invested $1.25 billion before withdrawing in 2010 when construction was about 60% complete.

Developer Kevin DeSanctis raised another $1.15 billion to finish the project.

Revel filed for bankruptcy in March 2013 and June 2014, and closed on September 2, 2014.

Florida developer Glenn Straub purchased the property for $82 million in April 2015.

Straub later sold the property to Integrated Properties for $200 million with plans to reopen it as Ocean Resort Casino.

This historical transaction was first reported by Parade.

This historical transaction illustrates the difference between construction costs and market value for large-scale real estate projects.