Revel Casino Deal Falls Through$95.4 Million Deal Between Casino And Glen Straub Basically Dead |
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Revel casino, the $2.4 billion black mark on Atlantic City, has had another proposed sale collapse. The deal between the casino and Florida real estate developer Glenn Straub is basically over, according to reports.
Straub was at one point looking to buy the property for $95.4 million. Revel claims that Straub become very difficult to work with toward the end of the process, The Wall Street Journal reported. Straub said he wanted more time on the deal, though he apparently had been second guessing the deal for weeks.
The “purported justifications for failing to timely close under the [purchase agreement] lacks any support under such agreement,” Revel lawyers said in court papers.
The issue is that existing business deals that Revel has (ones made prior to bankruptcy) would need to remain intact, while Straub wants to shed some of them.
Straub at one point wanted to turn the property into a school in which the ideal student would be white. Later, he said he wanted to turn Revel into a water park.
Revel shut its doors on Sept. 2 of last year after just over two years in operation.
Two other parties reportedly are interested in buying the property.
In November, Brookfield Asset Management canceled its proposed $110 million deal for Revel.
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