Glenn Straub’s Purchase of Revel Falls Through

Florida developer Glenn Straub has been the only potential buyer of Revel Atlantic City but it looks like the casino will be back on the market after bankruptcy Judge Gloria Burns ruled that the owners could back out of the sale since it was not finalized by the February 9th deadline.

Straub initially bid $95.4 million for the $2.4 billion property and paid a $10 million deposit but issues with the building's tenants had postponed that closing of the sale. He sought an extension to February 28th but Judge Burns denied the request.

Judge Burns ruled that the $10 million deposit remain in escrow since Straub’s lawyers intend to appeal the decision.

"The history of this case is long and tortured," Judge Burns said.

Revel attorney John Cunningham said that his clients will request that they keep the $10 million deposit. Previously a Canadian bidder, who also failed to close the sale, lost his $11 million deposit to Revel's owners.


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    catapultaudio

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    Who the hell is this so called judge who thinks it is fair and proper to repeatedly award this bankrupt company enormous deposits in the order of millions of dollars ??? It seems outrageous to me, who is to say that these delays due to residents or whatever are not being orchestrated by the company themselves, specifically with the intention of catching hold of another $10m deposit to keep their business ticking over.... Only in America!!!
  • Jade lcb

    jade

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    I don't think that they are going to get their deposit back either memashecerlema. After the first group fell out and by the way, I first group was being represented by the same attorney's as Revel which looked at least like a conflict of interest or something more scandalous. They backed out and lost their $11 million. Then it was dropped in the lap of Glenn Straub. But, Straub wasn't happy about the way he was handed the property, by default and wanted to decrease his bid which was denied in court. Now look at the mess we see now. As long as Revel keeps getting these payouts from these so called potential buyers, they can just sit back and enjoy the ride. Other casinos in Atlantic City can go about business as usual without the strain of another casino to share its patrons with when they come to gamble.
  • 200 zpsnwkvewod

    Emma.lcb

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    I don't think they're getting their deposit back, ouch...
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    pinkxxx

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    Yet another land casino going under . Have to wonder what exactly were the causes in this case as other casinos in the same area aren't suffering the same fate. If they don't end up with a buyer soon my bet is they will have to liquidate . After 2 fallen deals I wouldn't want to chance putting in bid and dropping that kind of deposit only to see it lost as the 2 previous people have . The property is tabu , leave it alone and to its fate .
  • David boreanaz

    Shumar4life

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    In this case I can see only lost millions for investers. I am joking but I believe that these companies doesn't had propper documentation and nod thstbis why they are rejected. Players and customers stability is on the first place and I am sure that this transaction is rejected becausr their stability. We can find lot of casinos online which one are good and safe

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