Judge OK’s termination of Revel sale to Florida developer
CAMDEN, N.J. (AP) -- Another deal to sell Atlantic City's former Revel casino is dead.
A bankruptcy court judge on Thursday approved Revel AC's termination of a deal to sell the shuttered gambling resort to Glenn Straub's Polo North Country Club for $95.4 million.
The sale was supposed to have been completed by Feb. 9.
Straub says he was unable to meet the deadline due to lingering uncertainty over whether he would be forced to accept business tenants who operated at Revel when he re-opens it. Straub's $10 million deposit was ordered to be held in escrow.
The ruling marked the second time since November that a deal to sell Revel collapsed.
Toronto-based Brookfield Asset Management scrapped its planned $110 million purchase due to an ongoing dispute over debt from its power plant.