Still No Deal for Atlantic City’s Revel Casino Hotel
Chief U.S. Bankruptcy Judge Gloria Burns has ruled against a proposed deal to sell Atlantic City's shuttered Revel Casino Hotel to developer Glenn Straub for $82 million, according to press reports. In her decision, the judge said she lacked the jurisdiction to move the sale forward, as several appeals of the sale -- by former business tenants and the power company -- are still before federal court. Straub’s offer, which was to close March 31, is the third deal to collapse since Revel was shuttered last September. In the past two weeks, several other prospective buyers -- including Los Angeles developer Isek Shomof and his partner, Leo Pustilnikov, who offered the owners $80 million -- have expressed interest in purchasing the property.