Deal For Glenn Straub to Buy Revel Officially Dies
Thursday afternoon, a bankruptcy court judge approved Revel's termination of a deal to sell the closed casino to Florida developer Glenn Straub for just over $95 million. Straub said his group was unable to meet a February 9th deadline because he was not sure if he would be forced to accept some existing tenants at Revel if he opened the casino. A $10 million deposit from Straub is now being held in escrow.
This latest set-back to sell the multi-billion dollar failed casino comes on the heels of the first deal that fell-through last November involving Brookfield Asset Management.
Straub quickly became a household name in Atlantic City last year as his plans for the casino became public, which ranged from the building being used as a college for geniuses to solve the world's biggest problems to the facility having the world's largest water park.