Like the old man Monty Python and the Holy Grail, the latest deal to sell the Revel casino is “not dead yet,” but it might as well be. According to a report by ABC Philadelphia on Wednesday, U.S. Bankruptcy Court Judge Gloria Burns refused to extend a deadline to sell the casino to Glenn Straub. However, she failed to rule on whether Revel could terminate their agreement with the Florida real estate mogul.
Instead, Burns said that she would issue a ruling on Tuesday whether Revel can cancel their sale of $95.4 million to Straub. If she cancels the deal, it would be the second deal to fall through for the bankrupt casino. The original potential buyer, Brookfield Holdings, failed to close on the deal after issues arose regarding debt held by the property’s power provider.
Another Sale Could Force Price Even Lower
John Cunningham, attorney for Revel, made it clear that they are ready to find a new buyer for the property. “We’re ready to find a new buyer,” Cunningham told reporters. “We have zero confidence in Polo North’s ability to close.”