The Real Deal New York

Milstein possibly bidding $88M for Revel Casino

Tenants say the firm has offered $6M more than Glenn Straub
April 01, 2015 11:00AM

A partnership between Howard Milstein and Carl Goldberg has emerged as a potential rival to Glenn Straub to buy the Revel Casino in Atlantic City, N.J., out of bankruptcy.

According to a filing in the suit by business tenants of the casino, Milstein and Goldberg, together the Milstein Group, are planning an $88 million bid, which would trump the current $82 million offer by Straub’s Polo North Country Club. Straub’s previous $95 million bid failed to close.

The tenants say that the partnership has agreed not to cancel their leases if they win the deal for the casino, the Associated Press reported, in contrast to Straub, who would not necessarily honor the leases.

“One of the bidders, a joint venture between New York’s Howard Milstein and New Jersey’s Carl Goldberg (the Milstein Group) is prepared to post an $88 million cash deposit (which is either $6 million or $16 million more than Polo North’s escrowed purchase price, depending on how you count),” the filing by the tenants states.

Straub’s bid is due to be considered Thursday, and the deadline for the bankruptcy case to be completed is April 30, though Revel has told the court that it needs more time. [AP via] — Tess Hofmann