Sep 10, 2014 6:53 PM
Revel says it has $90M offer to buy closed casino
The Associated Press
ATLANTIC CITY, N.J. (AP) Attorneys for Revel Casino Hotel say that a Florida developer has offered $90 million for the Atlantic City property that closed this month.
The casino said in a court filing Wednesday that Glenn Straub has made the cash bid and it hopes to have an auction for the property on Sept. 24.
It's unclear whether Straub would operate the property as a casino if the sale went through. A bankruptcy court judge would have to approve any sale.
Revel opened a little more than two years ago amid high hopes of turning around Atlantic City's struggling casino market. But the $2.4 billion resort shut down on Sept. 2 after it failed to find a buyer before an earlier scheduled auction.