On Again, Off Again Deal for Straub To Buy Revel is On Again
In what appeared to be a never-ending saga of trying to find a buyer for the closed Revel casino in Atlantic City, the deal for Florida developer Glenn Straub to purchase the casino, which was killed last week, is back on.
Earlier Tuesday, Glenn Straub entered into a revived agreement to buy Revel for a discounted $82 million, down from his previous purchase price of just over $95 million. Lawyers from Glenn Straub and his Polo North Country Club say the deal will close by the end of March and plans call for at least a portion of the mega-resort to open by this coming summer. Straub's lawyer, Stuart Moskovitz, told the Associated Press, "Polo North is working diligently with its team to finalize an operational plan for the property to be successful, not just `business as normal,' as was done in the past. These plans include major construction of a $50 million-dollar-plus expansion of the exterior area of the building, and a $50 million-dollar-plus relocation of items such as a more accessible hotel lobby and a large medical-health spa and facility." When the facility reopens, it will not be called Revel, but a new name has not been announced yet.
The Associated Press contributed to this report.