BIG:T;he ongoing saga of the Revel casino continued this week with Glenn Straub revealing that he wants a discount on the property. In other news, the Revel tax lien that failed to sell at auction has been purchased by its primary debt holder, but at a discount.
The Press of Atlantic City revealed on Wednesday that Glenn Straub is looking to buy the Revel Casino for $87 million instead of the $95.4 offered back in September. Straub was the casino’s stalking horse bidder earlier this year when he offered $90 million for the casino.
He later became the backup bidder at $95.4 before Brookfield Holdings was awarded the property for $110 million. They later threatened to withdraw from the deal, citing unwillingness by the casino’s power company to negotiate over construction debt. Revel lawyers tried to salvage the deal, but Brookfield made extra monetary demands that the casino could not meet.
Straub Wants Credit for Being Stalking Horse