Pending $94M sale of Atlantic City’s Revel Casino on hold

Federal judge called hearing to block some of the terms of the deal

New York /
Feb.February 09, 2015 08:00 AM

A New Jersey federal judge has temporarily halted the pending $94.5 million sale of the bankrupt Revel Casino in Atlantic City to Florida-based developer Glenn Straub.

U.S. District Court Judge Jerome Simandle scheduled an emergency hearing that is set to take place today, according to Reuters. Straub could lose his $10 million deposit if the sale doesn’t go through by today’s deadline, according to the website.

Straub is looking to buy the casino — the $2.4 billion hotel and casino closed in September 2014, causing more than 3,000 people to lose their jobs — without obligations to leases that are held by bars, clubs and restaurants that operated at Revel. Some tenants have tried to block the transaction unless their property rights are protected. An appeals court ruled in favor of one of the tenants, according to the website, causing others to follow suit and file similar motions. Straub has threatened to drop out of the deal if it doesn’t go forward as previously specified, Reuters reported.

Brookfield Asset Management had planned to buy the casino hotel for $110 million, but that deal fell through late last year. Fixed costs, such as electricity, cool water for air-conditioning is what ultimately killed that deal[Reuters] — Claire Moses 


Related Articles

arrow_forward_ios
Gov. Andrew Cuomo and Brookfield’s Brian Kingston with the High Line and the Moynihan Train Hall (Getty)

New High Line section will connect to Moynihan Train Hall

New High Line section will connect to Moynihan Train Hall
Brookfield’s Brian Kingston and Bruce Flatt (Photos via iStock; Brookfield)

Brookfield Property Partners could go private in $6B deal

Brookfield Property Partners could go private in $6B deal
One New York Plaza and Brookfield Property Partners CEO Brian Kingston (Google Maps)

Brookfield lands $835M refi for One New York Plaza

Brookfield lands $835M refi for One New York Plaza
Blackstone’s Nadeem Meghji (Blackstone, iStock)

Blackstone to acquire life-sciences portfolio for $3.45B

Blackstone to acquire life-sciences portfolio for $3.45B
Clockwise from left: Blackstone Group's Jonathan Gray, KKR's Henry Kravis and Cerberus Capital Management's Stephen Feinberg (Photos via Getty; iStock; Cerberus)

Logistics market is hot, but is a bubble forming?

Logistics market is hot, but is a bubble forming?
 8 Spruce Street and Brookfield's Bruce Flatt (New York by Gehry, iStock, Brookfield)

Bad year: 1 in 5 units at Gehry skyscraper goes vacant

Bad year: 1 in 5 units at Gehry skyscraper goes vacant
Simon Property Group's David Simon and Brookfield's Bruce Flatt (Getty, iStock)

J.C. Penney bankruptcy plan approved by judge

J.C. Penney bankruptcy plan approved by judge
One Manhattan West and Brookfield CEO Brian Kingston (Brookfield)

Brookfield Property Partners reports $135M net loss in Q3

Brookfield Property Partners reports $135M net loss in Q3
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...