Revel Sale Officially Terminated by Bankruptcy Judge
A deal for the sale of Atlantic City's Revel Casino Resort, closed since last September, was officially terminated yesterday, according to press reports. The failed agreement was between the owners of the shuttered property and Florida developer Glenn Straub, who sought to buy the resort for $95.4 million. Straub wanted the court to approve an extension of the sale deadline to Feb. 28. Straub's attorney, Stuart Moskovitz, argued in court filings that his client was unable to close the deal amid ongoing disputes with the resort's former tenants. The undoing of the deal marks the second time in the last three months a purchase fell through. Revel had a prior agreement with Brookfield Asset Management to purchase the resort for $110 million, but Brookfield backed out last November. Straub was the second bidder for the resort during the auction. The property, which cost $2.4 billion to build, closed on Sept. 2, 2014, after just over two years of operation. Straub's attorney told Nj.com that his client intends to appeal the court decision.