Revel Sale Is Again On Hold
The Revel isn’t cursed, we don’t think, but even in bankruptcy it’s having a tough time finding its way to the future.
A federal appeals judge on Friday halted the sale of the bankrupt casino to Florida developer Glenn Straub, citing opposition from the Revel’s remaining tenants.
IDEA Boardwalk LLC – the real estate developer behind HQ nightclub — says it could lose its $16 million invesment at the REvel. Why? Because last month Chief U.S. Bankruptcy Judge Gloria Burns ruled the Revel can be sold “free and clear of liens, claims, encumbrances and interests.”
“The ruling triggered a flurry of opposition from tenants, including IDEA and Revel’s power supplier, who say that provision allows Straub to boot tenants without due regard for their rights under leases,” the Press of Atlantic City reports.
The appeals judge gave Revel until 4 p.m. Tuesday to respond to IDEA’s claims.