w $82m deal has been struck between the now closed Revel casino and developer Glenn Straub.

The agreement is the second to have been reached between the two parties over the casino, which ceased operating in September, following a previous $95m planned takeover which never materialised.

Judge Gloria Burns terminated that deal at a court hearing last week, ruling that Straub had violated the terms of the agreement when he failed to meet a deadline of 9 February to complete the acquisition, which left Revel open to conduct negotiations with other interested parties.

But in a dramatic u-turn, Straub has exploited a loophole which allowed him to re-negotiate with Revel, as a signed order had not been entered, and he confirmed to the Wall Street Journal on Tuesday that the prospect of a deal to buy the casino had been reprieved, but for a smaller price than the original deal.