2nd place bidder rejects court offer to buy Revel for $95 million
(AP Photo/Wayne Parry)
A federal judge has approved the sale of Atlantic City’s former Revel casino to the runner-up bidder in last year’s bankruptcy court auction for $95 million – but the buyer doesn’t want it at that price.
Florida developer Glenn Straub bid $95.4 million for the casino resort, which cost $2.4 billion to build.
Straub wanted the judge to approve an $87 million sale price; his attorney says Straub will seek a court order blocking the decision.
After a deal to sell Revel to a Canadian firm for $110 million fell through last year, the casino’s management turned to Straub’s Polo North Country Club as the backup bidder.
Revel shut down on Sept. 2 after little more than two years of operation in which it never turned a profit.
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