After all difficulties Glenn Straub had to overcome in order to become the new owner of Revel, it seems like his efforts did not paid off.
Yesterday, it became clear that the sale of the shuttered casino once again reached a dead end.
Current owners of Revel need to find another investor willing to acquire the former Atlantic City-based casino. This time, owners even consider reducing the price. Despite the court hearing, which took place yesterday, the future of Revel Casino Hotel remained uncertain.
Glenn Straub was supposed to become Revel’s owner at the beginning of the week but he requested the deadline for completing the sale to be extended until the end of February. However, the Judge did not approve of his request.
In addition, Judge Gloria Burns neither confirmed nor rejected the request, submitted by Revel’s owners to terminate the sale and allow them to keep the deposit given by Straub.
Instead of clarifying all disagreements between Glenn Straub and the owners of Revel right away, the Judge said that the final decision will be announced next Tuesday (February 17th).
John Cunningham, Revel’s attorney, commented on the situation and said that there is a high probability for the company to start looking for another buyer since officials of the closed casino do not believe that Polo North is reliable enough to lead the deal to a successful outcome.
Regardless of the pessimistic expectations of Revel’s attorney, Straub’s representative said that his client is still interested in closing the deal and that will happen as soon as the issues related to Revel’s tenants are solved.
The judge said that if the deal is terminated, Straub as well as the other investors interested in obtaining the shuttered casino will be given the chance to propose a new bid and this time, the price is likely to be lower.
People familiar with the matter said that Straub is already fed up with all issues that befell the deal and he was even heard saying that if he had known about all these setbacks he would have invested his money elsewhere.
When it became obvious that the acquisition of Revel is postponed once again, those who keep themselves informed about the events related to Revel’s sale, hurried up to remind that Revel failed in finding a new owner due to the expensive maintenance of the power plant, which was in fact one of the reasons why Brookfield Asset management walked out of the deal a few weeks ago.
