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Revel Atlantic City Sale Approved
Friday April 3,2015 : REVEL DEAL APPROVED AT LAST (Update)
Florida developer gets the sale...and has ambitious casino plans.
After months of debate and several false starts in the New Jersey bankruptcy court, the sale of the Revel building has finally been approved to Florida developer Glenn Straub for $82 million.
Revel went bust just two years after it was constructed in Atlantic City at a cost of $2.4 billion, and has been the subject of auction offers and withdrawals, and judicial delays, for most of this year.
On Thursday Judge Gloria Burns finally made her decision after Straub agreed to drop his demand that the sale go through "free and clear of encumbrances" like the tenants' leases. Judge Burns said that issue should be worked out with Straub outside of bankruptcy court.
Legal representatives for Straub and Revel's owners will have to wait until Monday to close the sale after late arguments prevented Judge Burns from signing and entering an official order.
Media reports indicated that Straub intends to invest around $150 million in reconfiguring the almost new multi-storey Revel building.
The developer also reportedly said that he has arranged to buy several casinos or former casinos in Atlantic City as part of a $500 million, multi-faceted deal, more details on which will be released soon.
Straub's original auction agreement to buy Revel for $95 million failed to close on time, necessitating his later, lower offer. Before that, Toronto-based Brookfield Asset Management backed out of its $110 million auction agreement, forfeiting its $11 million deposit.
Gambling News :
Live Dealer Now At Slotocash -
Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
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