The new owner of what was the Revel Hotel Casino in Atlantic City hasn’t had the keys for a week yet and already he’s facing major issues with the property.
Two days after it was bought by a Florida developer, Atlantic City’s former Revel casino went dark Thursday as the power plant that is its sole supplier of utilities cut off service.
The judge presiding over the Revel bankruptcy sale expects to rule Friday on whether to approve the $82 million deal with Florida developer Glenn Straub.
After failing to sell their property for a second time, owners of the Revel casino head back to court in an effort to re-coup some money from a former potential buyer.
A call to kill the deal to sell the bankrupt Revel Atlantic City to a Florida-based businessman remains in limbo after yet another court hearing in Camden. While a judge is expected to rule on Thursday, the developer is once again negotiating with the hotel-casino to salvage the transaction.
In the ongoing drama that is the fate of the shuttered Revel Casino, a bankruptcy judge could well throw out a second deal to sell the place next week.
Glenn Straub’s agreement to buy the defunct casino-hotel expired at midnight Monday. He wants another month to deal with utility issues and the appeals of commercial tenants who remain.
The owners of the shuttered Atlantic City casino say they could not reach a deal to sell the property.
A federal judge has approved the sale of Atlantic City’s former Revel casino to the runner-up bidder in last year’s bankruptcy court auction for $95 million — but the buyer doesn’t want it at that price.
The lawyers for Revel filed paperwork to cancel the $110 million sale to Brookfield US Holdings.
The Florida developer who came up short in a bankruptcy court auction for the former Revel casino wants the judge to invalidate the result and hold a new sale.
A hearing is set next week in federal bankruptcy court on whether to approve a $110 million bid to take over the closed Revel Hotel and Casino in Atlantic City.
Chris reviewed the resignation of Secret Service Director Julia Pierson, the latest of the Ebola case in Dallas, and the FCC’s consideration to ban the term “Redskins.” He also talks with Senator Pat Toomey at 8:20.
A Canadian asset management company that won a bankruptcy court auction for the failed Revel casino hotel in Atlantic City plans to reopen it as a casino.
The yellow signs are up on the doors to the boardwalk entrance of Trump Plaza. At 6am it became the fourth casino to close this year and the third since Labor Day Weekend.