Atlantic City's Revel Seeks To End $95.4M Sale
One day after an appeals court dealt a blow to the sale of Atlantic City's Revel resort, the casino and hotel is asking for court permission to nix suitor and Florida-based developer Glenn Straub's $95.4M acquisition of the property. A deadline to close the transaction passed last night, and the Revel team hopes the court will strike down a request by Straub's Polo North Country Club to extend those terms.
Revel also asked that it be allowed to keep Straub's $10M in the event of the acquisition's collapse. Staub's issues also concerned tenants who said the deal would deprive them of their property rights. If Revel's bid is successful, this would be the second failed attempt at a sale. Brookfield Property Partner's $110M bid collapsed late last year.
