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February 10, 2015

Revel Casino sale on the verge of being canceled

Owners of the Revel Casino in Atlantic City said they will cancel the casino's original sales agreement Tuesday morning.

After a court hearing on Monday, Revel attorney Michael Viscount said he would file paperwork at 12:01 a.m. Tuesday requesting approval to cancel the deal if the $95.4 million sale didn't happen by the end of the day Monday, the Press of Atlantic City reported.

Stuart Moskovitz, a lawyer for Polo North — which is owned by Florida developer Glenn Straub — said Monday that he thinks the resolution won't be made quickly. The contract deadline was Monday, but Polo North said it wants the sale deadline extended to Feb. 28 at the latest due to Revel's ongoing court battles with current tenants.

“What we’re going to end up doing is we’re going to be fighting this out for months,” Moskovitz said. “I can’t really force a sale to go through with an amorphous, undefined asset."

Chief U.S. Bankruptcy Judge Gloria Burns is scheduled to consider the Feb. 28 deadline extension on Wednesday. 

If the sale is canceled, NewsWorks reported, Straub will be the second prospective buyer unable to purchase Revel.

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