Second Place Revel Casino Bidder No Longer Wants To Purchase PropertyJudge Rules Bid Is Binding, Developer Says He's Going To Court To Halt Sale To Himself |
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Does anybody really want to buy the now-closed Revel Casino in Atlantic City?
In October, a federal bankruptcy court judge approved the sale of the property to Brookfield Asset Management, a company which owns the Hard Rock in Las Vegas and the Atlantic Casino in the Bahamas, for $110 million.
After that company backed out of the deal, citing high utility costs, a judge has ruled that the property will automatically go to the next highest and only other bidder, Florida developer Glenn Straub’s Polo North Country Club.
Straub would be getting the property at a significant discount for his bid of $95.4 million. The only problem is that it appears he is now experiencing buyer’s remorse. Revel, which cost $2.4 billion to build initially, is being rejected at a fraction of the price.
After hearing the judge’s decision, Straub immediately announced that he would be seeking a court order to halt the sale to himself.
“This is a most unusual sale motion in that we have an objection by Polo North to their own sale,” Revel attorney John Cunningham said. “I think in my 23 years of practicing bankruptcy law this is my first time to see that.”
Ideally, Straub would like to get Revel for just $87 million, but the judge refused. He also refuses to say just how he would utilize the property but in the past said he wanted to house a tower of geniuses and perhaps create a university where his ideal student is white.
Revel Casino shut its doors on Sept. 2 of 2014 after just over two years in operation. It was one of four Atlantic City casinos to close during the year.
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