$95M Revel Casino Sale Imperiled by Appeals Court Ruling
The fate of failed Atlatnic City hotel and casino Revel has been thrown into question, and buyer Glenn Straub may walk away from the deal as its deadline comes today. An appeals court sided with a Revel creditor and blocked one of the $95.4M transaction's provisions. Revel lost a previous suitor when Brookfield Property Partners backed out of a $110M purchase of the seaside property that opened loudly in 2012 but quickly fizzled and went into bankruptcy.
“It’s been very difficult to sell this property, there is little room for further concessions,” Revel lawyer Jason N. Zakia said at Friday's U.S. Court of Appeals hearing in Philadelphia. "The risk to Revel if the sale is put on hold is “that this potentially valuable asset turns into cavernous hole." Revel's troubles are among many plaguing Atlantic City, where several large casinos shuttered last year.
