Revel Sales Action Hots Up (update)
By Casinomeister, Last updated Sep 26, 2014
At least two last minute bidders submit offers
Florida developer, Glenn Straub's initial or stalking horse cash bid for Atlantic City's Revel casino has been challenged by the last minute submission of at least two bids.
The development will necessitate an auction with starting bids of $94 million if the latest submissions meet certain financial requirements.
Straub offered $90 million on the property and has plans to turn it into a University for the "best and brightest" young minds, Reuters reported (see previous InfoPowa reports).
Straub told Reuters he was not bothered if he lost the auction, petulantly calling the Revel a "monstrosity".
Bidding will take place at the New York offices of Revel's bankruptcy lawyers today (Wednesday).
Update: According to press reports, despite bidders in attendance, the auction was adjourned for a further week.
Online Casino News Courtesy of Infopowa
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The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophotography.
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