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February 24, 2015

Revel sale to Straub will happen at $82 million - report

Former $95.4 million deal fell through Feb. 19

After a previous agreement fell through, Florida developer Glenn Straub has reportedly struck a deal to purchase Revel Casino in Atlantic City - at a lower price.

The Press of Atlantic City reported Tuesday that the sale price was $82 million, despite a Feb. 19 federal court ruling that canceled a $95.4 million deal with Straub.

The former deal fell apart mainly due to issues with current tenants.

Straub wishes to develop the casino into a water park. The purchase will happen by March 31, according to court documents.

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