Shuttered Revel Casino Hotel Sold... Again
By David Madden
CAMDEN, N.J. (CBS) --- The shuttered Revel Casino Hotel in Atlantic City has been sold again, this time to a Florida developer.
Federal Bankruptcy Judge Gloria Burns is approving the sale to Glenn Straub virtually free and clear, although negotiations continue with Revel tenants and the company that provides power to the place.
"She took a good, hard look at what is called bankruptcy law, and that's what I think we pride ourselves in -- understanding a little about what's going on," says Straub. "So we asked for what we could achieve. We didn't ask for anything more than what we could win."
Straub is still developing plans for the place, which now apparently include a 100 million dollar waterpark on the boardwalk.
"At some point in time, you want to have a controlled vacation. And so we'll have a control with indoor and outdoor waterparks, which is only one-third of maybe of what we want the whole complex would be," he says.
Closing should come within a month. But this may not be the end of the dispute. Appeals could drag this out. In fact, Straub might still file his own appeal, based on how much the facility goes for.
There's no firm commitment to a casino at this point. Straub is negotiating with the electricity supplier and tenants, although the order does not require he retain them. They are, also, free to appeal.
