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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.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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