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Revel In Atlantic City Finally Sold
Wednesday February 25,2015 : ATLANTIC CITY'S REVEL SOLD AT LAST
Wiley Florida developer ends up paying less than his original bid.
The on again - off again bankruptcy sale of the $2.4 billion Revel Casino Resort in Atlantic City appears to have been successfully concluded, subject to the approval of the local bankruptcy court...and shrewd Florida property developer Glenn Straub has a bargain at $82 million - a hefty discount from his original $95.4 million bid when the property was auctioned
The deal reached with Revel's owners is third time lucky after a Canadian bidder backed out of the deal and Straub's offer was terminated when he did not make the sales completion deadline set by the court.
However, bankruptcy court Judge Gloria Burns created a window of opportunity by not actually issuing a final order, and that gave Straub and Revel's owners time for last-ditch negotiations, according to a report from the Associated Press news agency.
The fresh talks resulted in the lawyers for both sides reaching agreement Tuesday at $82 million, an amount Straub has already paid over.
Straub's legal representative told AP that the deal will close on March 31 and will see the building reopen as a recreational complex by summer this year. He revealed that plans include a $50 million-plus expansion of the exterior as well as a more accessible hotel lobby and a large medical-health spa and facility at another $50 million or more.
Straub still has to resolve issues with existing tenants and a significant amount owed to the building's power supplier, problems that may require further court involvement.
Revel's owners confirmed Tuesday that Straub had paid in the full $82 million purchase price in cash and that it would seek approval for the agreement from the bankruptcy court. It is assumed that Straub's $10 million deposit is part of the $82 million agreed.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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