Revel Casino Sale Not Final

Just when we thought that the sale of Atlantic City’s Revel Casino to Glenn Straud was as good as final, Judge Gloria Burns declined the sale on Wednesday and extended the sales window an additional week.

The presence of another potential buyer, Los Angeles property developer Izek Shomof, is the reason for the delay in the approval of the sale.

Shomof's unofficial bid was $2 million lower than Straub's but it was enough for Judge Burns to postpone finalization of Straub’s purchase.

Straub's lawyers note that Shomof's bid is informal with no firm proposals or guarantees.

Judge Burns explained that she extended the sale to ensure that both Revel AC and potential bidders had ample time to work out the best deal for the property.

"If there is something else out there, if you could come up with an offer that's more palatable to the objectors, maybe they won't object," Judge Burns said.

The case will be back in court on March 12th.
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    sharpe

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    This deal was to good to be true and looks like that the drama is still not over yet. This story is interesting and I'm looking forward to see how is going to finish. But this guy Glenn Straud still have the best chances to buy the casino and I don't think it will be for much more money than the initial offer.
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    seculla

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    Hahaha... You are so right vlado.mikic when you say that this revel casino sale tuned into soap opera. We've read so many news about this sale and honestly I've started to thinking more and more that this is not so "clean" job as kruno said. I'm pretty sure that 12th March will not be the day when the last decision will be made, I think that we will read about this sale again and again.
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    kruno1414

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    I said at first this is not some legal and clean job , who knows whats cooking there and who will profit the most from this . A big money is in the game , and everything that really do matters for those guys is that money . Who knows how this is gonna end , its been delayed for a reason :)
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    catapultaudio

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    As a recreational gambler far away in England this is the first I have heard of this case. I'm interested to see the comments here that indicate that people feel this is something of a bargain at - gasp - $82 million USD?! Jesus! Surely the reason it is being sold is that it is failing?? I know many other casinos in AC have closed their doors recently, so why is this one supposedly so valuable???
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    vlado.mikic.50

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    This is starting to look like some soap opera.I still cant believe that this casino is going to be sold for such a small amount of money.It is worth at least 10 times more.It will be very interesting to find out how this is going to end and for what money it will finally be sold.
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    jade

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    I knew that for Straub it was too good to be true. He got that first bid $95.4 million to disappear and landed on his feet with a big smile on his face because he only had to pay $82 million in the end. But not so fast, the plot thickens as another bidder has come out of the shadows. Straub's attorneys are trying their best to defuse this bomb as quickly as possible, before the whole deal blows up in their faces. They say that interfering bid is just that with "no firm proposals or guarantees." We will just have to keep watching to see if, when and who is going to be the winner.
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    pinkxxx

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    And the drama continues just when you think it was over. I thought the guy had it for 82million. Just when he was licking his chops he has to at least postpone the celebration of an outrageous deal . I wonder if he'll get it in the end or if someone else will outbid and close the deal . Either way its still going to be sold for a bargain price . Almost sounds a hair fishy with the judge prolonging this . The whole selling of this property from the get go has been one cluster and delay after another .

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