Stop us if you’ve heard this before: A judge has put the sale of the Revel Casino on hold as a new bidder for the shuttered Atlantic City property has emerged.
The week-long postponement comes after a Los Angeles real estate developer emerged with a last-minute effort to purchase the property and as former tenants and the Atlantic City resort’s power plant raised objections to the proposed sale.
Florida investor Glenn Straub’s company, Polo North Country Club, struck a deal with Revel AC to buy the resort for $82 million last month.
“I need to be convinced that it is the best deal the debtors can get,” U.S. Bankruptcy Judge Gloria M. Burns said today. “I have a lot of questions but the big question that I have is this in the best interest and I can’t tell that yet.”
Izek Shomof, a Los Angeles real estate developer, is the new potential bidder. The Revel cost $2.4 billion to build, opened in 2012, and filed for bankruptcy twice before closing its doors. A previous sale to a Canadian company fell through, and it has appeared several times that Straub’s attempts to buy the property had faltered.
Atlantic City has taken a cue from Philly and named drag funny lady Miss Richfield 1981 (aka Russ King) the new LGBT Tourism Ambassador to Atlantic City.
As you’ll probably remember, Miss Richfield was featured in a commercial last year promoting all the gay things you can do in Philadelphia. Her job as tourism ambassador to Atlantic City will be similar, minus the TV spot. Like the past-her-prime pageant queen she portrays, Miss Richfield will have a series of duties to get gays excited to, as the saying goes, Do AC. According to a release this will include “spreading the word through marketing tie-ins, product placement, original content, giveaways and other creative activations.” She will chat up the wonder of AC during her stage shows and on Atlantis Events gay and lesbian cruises and vacations.
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Several weeks ago, we reported on a brand new LGBT initiative that Atlantic City’s Borgata is rolling out, including a series of concerts, travel packages, and parties featuring entertainers like Kathy Griffin and Lady Gaga. Now, Borgata Nightlife announced that the OUT at Borgata kick-off party on March 13th will be hosted by none other than rapper/comedian Wendy Ho, with DJ Mimi (AKA Mimi Imfurst) spinning beats all night long. Read more »
Tower signage at the Pier Shops earlier this month (Photo | Dan McQuade)
Yesterday was supposed to be the big unveiling of Bart Blatstein’s plans for The Pier Shops at Caesars, the half-empty mall over the ocean in Atlantic City. But it was abruptly called off late last week after Caesars filed a lawsuit accusing Blatstein “of having taken over the Pier’s lease from [a] third company illegally and without Caesars’ consent.”
Blatstein responded in court Monday to accusations in that lawsuit from Caesars Atlantic City president Kevin Ortzman, which included: Read more »
Photo | Dan McQuade
After all this, Revel will be sold to Glenn Straub.
The Wall Street Journal reported today that the Florida developer and Revel have struck a deal in principle that would see Straub buy the failed casino.
“All issues are pretty well resolved,” Mr. Straub told The Wall Street Journal. “We’re buying what we originally intended to buy, and the dollar figure will reflect that.” The Press of Atlantic City reports the proposed sale price is $82 million. Straub had previously bid $95.4 million for the property. Read more »
Well, we now know why Tower Investments abruptly canceled Tuesday’s upcoming press conference regarding the redevelopment of the Pier at Caesar’s. While the press release stated it was “Due to unforeseen developments beyond Tower Investments’ control,” the Press of Atlantic City is reporting it’s due to a suit filed in Atlantic County Superior Court by Kevin Ortzman, president of Caesar’s and Bally’s Atlantic City, that alleges Blatstein and crew operated “illegally as trespassers” at the pier.
Here’s more: Read more »
We’ve got some late breaking news for your Friday commute. Bart Blatstein was supposed to announce the redevelopment plans for The Pier at Caesar’s at a press conference on February 24 at the pier. It looks as though plans have significantly changed. Tower Investments just sent out a press release stating the redevelopment announcement has been cancelled, citing “unforeseen developments beyond Tower Investments’ control.” Here it is in full: Read more »
A shuttered Revel in November 2014 (Photo: Dan McQuade)
Revel looks like it’s headed back to the auction block.
Yesterday, a judge terminated Florida developer Glenn Straub’s agreement to purchase the failed casino for $95.4 million. This is the second deal to fail; in December, a deal to Toronto-based Brookfield fell through.
So what now? The Press of Atlantic City says attorneys for both sides are still talking. Revel’s attorney said if Straub “came forward today ready to close, I suspect that we would take his money.”
But Straub tells the Inquirer he’s out, though. “We’re not going to buy it again,” he says. “We have to move on.” A judge ruled Revel can keep Straub’s $10 million deposit, but told it not to spend it yet. Straub’s attorney plans to appeal, while Revel will ask a judge if Revel can start spending the money immediately. Read more »
While most of the attention in Atlantic City has been turned towards the never ending saga of Revel and the other failing casinos, Bart Blatstein has managed to do the unthinkable: fly relatively under the radar regarding the redevelopment of The Pier at Caesar’s.
That’s set to change in about a week’s time as Blatstein and partner Paul Steelman, a legendary architect in the entertainment industry, will host a formal announcement on February 24 at the pier to unveil their plans for the failed high-end shopping mall. Much like Revel, which cost over $2 billion to build and will (eventually?) be sold for pennies on the dollar, The Pier at Caesar’s was originally valued at $200 million and Blatstein got it for a song–approximately $2.7 million, according to a press release.
It’s been a busy couple of months for Blatstein since the purchase of the pier in November. Read more »
Kathy Griffin will headline the OUT at Borgata March weekend.
If you’re looking for a gay getaway, Atlantic City’s Borgata and Water Club are rolling out the rainbow carpet … literally. The luxury resort, which features a casino, two hotels, and multiple spas, is launching an OUT at Borgata initiative, and they’ve got a killer March party planned with headline entertainment all weekend long. Read more »