Revel sale completed

l Casino Hotel has been sold to Florida developer Glenn Straub’s Polo North Country Club for $82m.

The cost of the acquisition is 3% of the $2.4bn paid to build the casino, which opened in 2012 and closed in September last year after filing for bankruptcy on two occasions.

The completion of the purchase was announced by Straub’s lawyer Craig Galle, who told the Associated Press on Tuesday that the deal had been finalised.

Straub previously attempted to buy the casino for $95.4m, but the agreement fell through in February when he failed to meet a deadline to complete the acquisition.

A new deal worth $82m was struck later in the month, as Straub was allowed to renegotiate with Revel while a signed order had not been entered.

But the second agreement was rejected by Judge Gloria Burns last month, who cited that it would interfere with an appeal made by casino tenants who argued that the deal would deny them of their rights.

Following the rejection, Straub stated to the Wall Street Journal that “it doesn’t mean anything”, before eventually completing the takeover.