A federal bankruptcy judge will decide if the bankrupt Revel Casino can sell the property to Florida developer Glenn Straub. Meanwhile, a Los Angeles developer made a last-minute $80-million bid for the property and says he would let the businesses inside Revel stay open — a key issue in prior bankruptcy hearings.
Will the third time be the charm for attempts to sell Atlantic City's former Revel Casino Hotel?
Its owners certainly hope so.
A bankruptcy court judge in Camden on Wednesday is scheduled to consider — for the third time — an attempt to sell the shuttered gambling hall.
The latest sale is for $82 million to Florida developer Glenn Straub's Polo North Country Club.
A previous deal to sell to him for $95.4 million fell through when Straub missed a Feb. 9 deadline to close the deal.
And a Canadian firm scrapped a $110 million purchase of Revel in November.
Complicating things even further is an eleventh hour bid by Los Angeles developer Izek Shomof to acquire Revel, despite a signed contract between the casino's owners, Revel AC, and Straub.
