Atlantic City's Revel In The Headlines Again

Owners now want to ditch Florida developer's bid….and keep his $10 million deposit

The wrangling over the bankruptcy auctioning off of the $2.4 billion, two-year-old Revel Casino Hotel in Atlantic City just seems to go on and on, and this week new disputes have arisen as the owners seek to dump a $94.5 million bid by Florida developer Glenn Straub….and keep his $10 million deposit.

Revel lawyers have asked U.S. bankruptcy judge Gloria Burns to end its agreement to sell the gambling complex to Straub, according to a Tuesday court filing.

The hotel's legal team also asked Judge Burns for permission to keep Straub's $10-million deposit and to hold a hearing today (Wednesday) to consider its requests.

The bankruptcy has seen an initially successful bid of $110 million from a Toronto investment company abandoned, with the loss of the Canadian company's $11 million deposit; disputes over the casino's $160 million power plant; requests for a downward revision in Straub's original bid; and latterly issues with restaurant and nightclub tenants over many millions spent on their premises and the consequences of redevelopment by the new owner (see previous InfoPowa reports).

Straub's lawyers say that they missed the Monday midnight deadline to clinch the deal because it is no longer certain exactly what the Florida company is actually buying…and they have warned that Straub will strenuously oppose any attempt to keep his deposit.

"We'll end up fighting this out for months," a Straub legal adviser told the court, but this has been mellowed by a request from Straub that the judge extend the sale execution date to February 28, a move that Revel lawyers are opposing.

Online Casino News Courtesy of Infopowa

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Casinomeister

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 astrophography.
bryan@casinomeister.com

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