Glenn Straub signed a deal Tuesday to buy Revel for $82 million. The casino cost $2.4 billion to build.
The owners of the shuttered Atlantic City casino say they could not reach a deal to sell the property.
In a rare Sunday ruling, Judge Jerome Simandle ordered that claims from business tenants at the casino, as well as its sole supplier of utility services, must be heard before the sale can go through.
The sale is on hold while the company that ran its popular nightclub and beach bar appeals.
A federal judge on Wednesday allowed the sale of Atlantic City’s former Revel casino to a Florida developer to proceed.
The Florida developer in line to buy Atlantic City’s former Revel casino hotel is threatening to walk away from the deal if a court ruling goes against him.
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.
The Florida developer in line to purchase the former Revel Casino Hotel in Atlantic City wants an $8 million discount.
Judge Gloria Burns has granted a request by Revel Entertainment to cancel the $110-million sale to Toronto-based Brookfield Asset Management.
The lawyers for Revel filed paperwork to cancel the $110 million sale to Brookfield US Holdings.
The owners of the former Atlantic City casino, which closed on Sept. 2, filed an appeal Monday of a bankruptcy court order letting Atlantic City hold a tax sale of the unpaid debt.
Florida developer Glenn Straub, whose $90 million bid is the only publicly identified one, has asked a judge to delay an auction that resumed Tuesday until Thursday.
A bankruptcy court auction for Revel, the failed luxury casino-hotel on the Atlantic City Boardwalk, will resume on Tuesday.
A deal to sell Revel Casino Hotel at a bargain basement apparently doesn’t impress the federal bankruptcy trustee involved in the process.
Revel has been sold and MGM is back as a half partner at the Borgata.