The Latest on the Sale of Revel Atlantic City

The Latest on the Sale of Revel Atlantic City The latest on the Revel Casino Resort in Atlantic City is that Judge Gloria Burns has decided not to rule on anything just yet.

Florida developer Glenn Straub missed the closing date for the sale of the casino but worked out a deal with Revel’s owners, which placed them back in bankruptcy court.

Los Angeles property developer Izek Shomof is willing to pay $80 million and another bidder has surfaced, New York, private equity investor Jeffrey Keating. Keating sweetens the deal by saying that he would re-hire Revel staff and honor current lease agreements in the building. He wants to keep the casino operation intact and build an amusement park.

The fact of the matter is that Straub is the only one who has made a bonafide offer to date.
  • They are still doing this? I thought it was sold for 89 Million dollars and the deal is ended, but now what? the drama continues and I think it not be resolved very soon..Offcourse, there are some rich and powerfull men involved, thats why the proccess is very delaying and huge amounts and documents will be delaying while the things would'nt done. Let's see how the things clear up in the future, because at this time it's only big disaster :D
  • Well, the drama is currently not over yet and it is becoming in something like a soup opera. Maybe the Judge Gloria Burn hold on the things to make possible for more potential buyers to place their bids and maybe that's fair for the seller but I'm not sure that more than two sides are interesting in that deal.So still nothing is finaly decided.
  • It just rolls on and on, if there is only one real offer on the table then what is the judge playing at ??? I don't think the judge could possibly care too much about the employees either Jade but one of these so-called prospective buyers may well have offered something up to delay proceedings whilst they get their cash in order....!
  • Will this Casino ever be sold. I'm not sure it Glenn Straub is being take on a long ride by the bankruptcy count or if Glenn Straub is the guy who is trying to trying to take Revel owners and the bankruptcy court on a ride. Either way, this trip is just taking way to long to get to its designation. I would like to see the Revel employees get a fair shake in what ever deal is decided upon, but it is highly unlikely that it will be an important deciding factor. Just get it over and done and move on, everybody. It is beginning to be a soap opera that know one cares about,

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