BIG:T;he sale of the Revel will continue without delay. According to a report from the Press of Atlantic City, a federal judged has denied requests from former tenants and the casino’s former power provider to halt the sale of the casino.
Chief U.S. District Judge Jerome Simandle issued a 50-page opinion on Wednesday that put an end to an attempt to block the $95.4 million sale of the Revel to Florida real estate developer Glenn Straub. Straub was the backup bidder in the initial Revel auction and was awarded the backup bid after Brookfield Holdings failed to close on their deal.
Judge Rules City Could Be Irreparably Harmed if Straub Walks Away
The key to the judge’s ruling on Wednesday was two-fold. First, Straub made it clear that he would walk away from the deal if he did not have clear title to the property. Second, Straub was the only remaining bidder and there are no parties currently waiting in the wings to take a gamble on the casino.