Sale of Atlantic City's Revel Casino Hotel Finally Approved
After several false starts, it appears the path is finally clear for Florida developer Glenn Straub to purchase the bankrupt and shuttered Revel Casino Hotel in Atlantic City for $82 million, according to press reports. Federal bankruptcy judge Gloria Burns approved the deal Thursday, following a period of deliberation and consideration of concerns of tenants and suppliers of the property. Though several other developers had shown marked interest in the past month, the only firm offer as of yesterday was Straub's. The property, which cost $2.4 billion to build and closed after less than three years, never turned a profit. The sale is expected to be finalized on April 6.