The former Revel Casino, which has been knocked off the road to recovery several times before, has been sidetracked yet again.
A sale of the 47-story shuttered building in Atlantic City needs a final sign-off. But a federal judge on Friday refused to give one.
Judge Gloria Burns acknowledged it herself; the building has a “long and tortured history,” she said
But she said she couldn’t give a potential sale the final OK, citing pending lawsuits by the building’s former restaurant and nightclub tenants, who say they lost money due to broken leases.
The would-be buyer, Florida developer Glenn Straub, took the stand earlier in the week, occasionally on the verge of tears. At one point he spoke of his goal as “helping … the world,” according to the Inquirer.
Straub has signed a deal to buy Revel for $82 million, a 97 percent discount on the $2.4 billion cost of constructing the flashy building.
The disgruntled tenants have a hearing in early May. Before that, on Monday, Revel’s utility provider will once again ask the judge to cut power to the building. They say Revel owes $20 million for electric service.