Surprising or not, the saga with the shuttered Revel Casino is not going to end. Although it was announced that the property is to be sold to Glenn Straub, another investor expressed interest in acquiring the former Revel Casino Hotel.
The Los Angeles developer Izek Shomof submitted a letter to the executives of Revel AC and revealed his interest in becoming the owner of the former casino.
In point of fact, Mr. Shomof is familiar with the casino industry in the United States. He is currently reviving the Rialto Theater in South Pasadena and the Los Angeles-based Sears building.
Actually, the bankruptcy court judge is expected to close the sale and allow Glenn Straub take the reigns of the casino and pay the sum of $82 million. The offer, made by Mr. Shomof was tucked away two days ago in a bankruptcy filing. It was made by the Revel tenants that were against Straub’s proposal.
Leo Pustilnikov, a partner of Mr. Shomof, told the media that Revel’s tenants will be allowed to continue using the premises. Those who keep themselves informed about the setbacks that have befallen the sale of Revel know that the opposition of the tenants was among the main reasons for the previous deal terminations.
Neither Revel’s officials nor Mr. Shomof commented on the matter but the attorney of Glenn Straub, Stuart Moscovitz, said that the proposal of the California investor can hardly be taken seriously, especially when the utility supplier of the shuttered casino announced that no deal is to be signed, if the bill is not paid.
Mr. Moskovitz also added that, basically, Mr. Shomof has not provided a guarantee that he will definitely buy the property, not to mention the deal that has to be made with ACR Energy Partners.
Revel Casino was opened for two years only and during that time it never brought a profit to its owners. On the contrary – it filed for bankruptcy two times and closed doors for players at the beginning of September 2014. Since then, for one reason or another, all deals related to its sale have been falling through.
Later today, it will be the third time when the bankruptcy Judge Gloria Burns will announce her final decision concerning the sale of Revel Casino.
However, ACR Energy required the Judge to consider liquidation of the property instead of allowing Revel officials sell it to a particular investor.
