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February 19, 2015

Judge rules to cancel another Revel deal

A federal judge ruled Thursday to terminate a deal to sell the failed Revel casino to Florida businessman Glenn Straub, the Press of Atlantic City reports.

Straub was set to buy the property for $95.4 million but did not finalize the deal, which was supposed to have been completed by Feb. 9.

“We’re prepared to entertain offers from anybody who’s interested in it,” Revel attorney Michael Viscount said. As for Straub, “If he came forward today ready to close I suspect that we would take his money,” he said.

Revel's chief restructuring officer, Shaun Martin, testified Tuesday in Camden that there are no acceptable offers for the Boardwalk complex, which cost $2.4 billion to build, and said liquidation is possible but not preferred.

Straub said he wants more time to buy the resort. Straub’s Polo North Country Club will appeal the ruling, an attorney for the company said.

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