Revel Sales Action Hots Up (update)

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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