Following several months of conflict and false starts in the bankruptcy court of New Jersey, the sale of the Revel building has been approved for $82 million to developer Glenn Straub from Florida.
Revel declared a bust a mere two years after its $2.4 billion construction in Atlantic City, and has since been subject of judicial postponement and auction offers and withdrawals.
Judge Gloria Burns announced her decision on Thursday after Straub’s agreement to drop his demand that the sale proceeds "free and clear of encumbrances" such as tenants' leases. Judge Burns stated that the agreement should be worked out with Straub outside of the court.
Straub’s legal representatives and and the owners of Revel will need to wait until Monday to finalize the sale after Judge Burns was prevented from signing an official order due to late arguments.
Reports from the media suggested that Straub had intended to invest around $150 million to fund the reconfiguring of the whole multi-storey building.
Staub also stated that he has arranged the purchase of several of Atlantic City’s casinos or former casinos as part of a $500 million, multi-faceted deal, with further details yet to be released.
The developer's original agreement to purchase Revel for $95 million failed to close in time, resulting in his later, reduced offer. Prior to that, Brookfield Asset Management from Toronto backed out of its $110 million agreement, thus forfeiting its deposit of $11 million.
sharpe
9 years ago
From the very beginning it looks like that Glen Straub is the most likely new owner of the Revel casino and finally it was confirmed by the court and Judge Gloria Burns. This story was like a soup opera for the most of the time but now it's over and maybe that guy made a deal of his life.
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Efti
9 years ago
So this seemingly neverending sale saga is finally coming to a close... Even including the additional money to be spent on building alterations, the developer has gotten a great deal here and is apparently planning further investment in Atlantic City. Wonder what makes Straub so confident in success where others, like that...
So this seemingly neverending sale saga is finally coming to a close... Even including the additional money to be spent on building alterations, the developer has gotten a great deal here and is apparently planning further investment in Atlantic City. Wonder what makes Straub so confident in success where others, like that asset management company, have shied away?
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seculla
9 years ago
I must say that I totally agree with jade, that Glen Straub made very good deal. It's good that this deal is finally over, as this story says, but we can expect everything to happen after all this stories that we've reed about this deal before. Also, it's very good deal for Atlantic City, because just like jade said, they...
I must say that I totally agree with jade, that Glen Straub made very good deal. It's good that this deal is finally over, as this story says, but we can expect everything to happen after all this stories that we've reed about this deal before. Also, it's very good deal for Atlantic City, because just like jade said, they need these jobs. I wish them luck.
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jade
9 years ago
Glenn Straub made one hell of a deal here. Finally it is over, or is it. The papers haven't been signed just yet, but the deal has been approved so Straub is heading to the finish line and start line at the same time. He's going to put a lot of money into this already pricey place. I hope he does well here. I would hate...
Glenn Straub made one hell of a deal here. Finally it is over, or is it. The papers haven't been signed just yet, but the deal has been approved so Straub is heading to the finish line and start line at the same time. He's going to put a lot of money into this already pricey place. I hope he does well here. I would hate for things to go bad a second time for this casino. Atlantic City needs these jobs. Can't wait to read about the grand opening
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