Glenn Straub has finally been declared the winning bidder for the defunct Revel casino in Atlantic City. Unfortunately, he will likely fight the decision to try to get a lower sale price.
According to the Press of Atlantic City, a federal bankruptcy judge declared Polo North Country Club as the winning bidder for the Revel property at $95 million. While it appears that owner Glenn Straub has finally gotten his way, he’s still not happy with the price.
Heading into the proceedings on Monday, Straub was looking to have the final sale price of the casino reduced from $95.4 million to $87 million. Polo North contends that their initial bid of $90 million should stand and that the $3 million break up fee should be applied to the final price, reducing it to $87 million.
Judge Could Sign By Thursday, But Straub May Challenge