The Real Deal New York

Straub, Revel continue talks about $95M casino sale

Judge will decide the fate of the pending deal later this week

February 18, 2015 09:00AM

The Revel Casino in Atlantic City and Glenn Straub (inset)

The Revel Casino in Atlantic City and Glenn Straub (inset)

Glenn Straub, the Florida-based millionaire who is looking to buy the Revel Casino in Atlantic City, is continuing talks with Revel to purchase the property, while both parties wait for a judge to make a final decision later this week.

Revel has asked the judge to cancel the $95.4 million deal with Straub after a February 9 closing deadline came and went without a deal. Revel also wants to keep the millionaire’s $10 million deposit, according to Bloomberg.

Revel and Straub met behind closed doors after a hearing last week, according to the website. Afterward, Straub told Bloomberg that the parties were “close” and that negotiations were ongoing.

Last week, Straub’s company, Polo North Country Club, asked for an extension of the closing deadline until later in February, according to Bloomberg. Straub also maintains that he will not buy the property with some of the current tenants in place, according to the website, while arguing that his proposal is in the best interest of the casino because bankruptcy proceedings could take months.

Some of the casino’s tenants have tried to block the deal unless their property rights are protected. As a result, an appeals court ruled in favor of one of the tenants earlier this year, after which others filed similar motions. [Bloomberg] — Claire Moses

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