Deadline passed, Revel sale to be killed Tuesday morning
The owners of Atlantic City’s Revel Casino Hotel say they will cancel a deal Tuesday morning to sell it to a Florida developer.
Revel AC originally said it planned to scrap a deal to sell the shuttered casino to Glenn Straub for $95.4 million just after the midnight deadline for the sale had passed.
But a Revel attorney tells The Associated Press the request to a bankruptcy judge to let it cancel the deal will happen sometime during business hours Tuesday morning.
The deal died after a federal judge refused to let the sale occur without considering the legal rights of business tenants at the casino, as well as its sole utility supplier.
Straub would become the second prospective buyer who was unable to complete a purchase of Revel.
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