Revel sale in jeopardy

By David Cook
The potential sale of the now closed Revel casino to developer Glenn Straub is in doubt after a bankruptcy court judge delayed a decision to sanction the $82m deal.

Judge Gloria Burns, who last month terminated a $95m agreement between Revel and Straub when Straub was unable to provide the funds before a 9 February deadline, has set a new hearing date of Thursday 12 March.

The delay is the result of a bid for the casino from Los Angeles developer Izek Shomof, who has since submitted a letter of interest and offered to purchase the casino for $80m.

Shomof is involved in the reformation of the former Rialto Theatre in South Pasadena and the former Sears building in Los Angeles.

Straub secured a new deal to purchase Revel last month, exploiting a loophole that allowed him to re-negotiate with Revel, as a signed order had not been entered.

But after the latest developments, Burns has decided to give Revel and potential bidders more time to work out the best deal.

Burns said: "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."

Revel closed its doors in September, just two years after it opened.

TAGS:

Share This Post


NEWS SPONSOR

More News

According to the Philippine Amusement and Gaming Corp, the casino industry in the Philippines accumulated PHP15.95bn ($331.5m) in gross gaming revenue for Q3, a 603% rise from the previous quarter....




On 11 August 2020, the President of Ukraine signed into law the State Regulation of the Activities Related to the Organisation and Conduct of Gambling Games. Here, Andrey Astapov, managing partner...