Revel Sale Approved, Again, But…
The tale of trying to find a new owner for Revel took one step forward and one step backwards Monday.
Yesterday, a judge approved the sale of the $2.4 billion casino resort to Florida developer Glenn Straub for $95.4 million -- but, since almost nothing involving this property has gone smoothly, Straub then announced he was going to court to halt the sale to himself.
Straub is now challenging the $95.4 million price tag, saying he wants it for $87 million. A judge refused the lower price, saying his recent bid is still binding and that is the price he will have to pay. That led Straub's attorney to say he will seek a court order halting the sale.
So far, Straub has refused to say whether he intends to operate the property as a casino or some other purpose. Many ideas have been talked about, including making the building a college for geniuses to tackle the world's biggest problems.
Late last year, a court approved a sale to Brookfield Asset Management for $110 million. Brookfield recently walked away from the deal due to a dispute over Revel's costly power plant.
Revel has bee closed since September 2nd and is one of four Atlantic City casinos that closed in 2014.
The Associated Press contributed to this report.