Revel Sale Postponed. Again.
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.