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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 :
$400k Winner at Bodog Casino -
To win, you need to get a pair of Tens or better. Jerry K., however, got a much higher hand than the minimum; he pocketed $397,879 after landing the game’s best possible hand: a royal flush.
NBA : Warriors Win the West; NBA Finals Next -
The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.
PartyPoker Rakebak -
Partypoker brings back rake back for players. All new ‘partypoker weekly Cashback’ launches.
NHL Odds: Lone Canadian Team Plays on Friday -
“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.
PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
NHL Predators First Ever Conference Finals Appearance -
With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.
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