Just days after a deal for the sale of Atlantic City's bankrupt and shuttered Revel Casino Resort was officially terminated, a new deal --with the same buyer -- was announced.
On Feb. 18, U.S. Bankruptcy Judge Gloria Burns ruled that an arrangement to sell the beleaguered property to Florida developer Glenn Straub for $95.4 million was void after Straub had asked for an extension of the sale deadline to Feb. 28. His attorney, Stuart Moskovitz, had argued in court filings that Straub was unable to close on the deal amid ongoing disputes with the resort's former tenants.
Less than a week later, Straub and Revel's owners reached a new deal -- for $82 million, 14 percent less than had been offered previously. The revised plan, which needs bankruptcy court approval, requires Straub to put his entire payment in escrow to make it more likely that the agreement -- set to close March 31 -- will be completed.
This is the latest move in a history that began when an auction for the casino resort held last fall left Toronto-based Brookfield Asset Management the buyer for $110 million, but Brookfield later backed out. Straub had been the runner-up bidder.
The $2.4 billion, 1,400-room property originally opened in April 2012 and closed in September 2014.