A representative of the main lender of Revel commented on the several delays related to the sale of the shuttered casino and said that the bidders that have emerged during the last few weeks were not reliable enough.
That is why Wells Fargo requested the court to sell the former casino venue to Florida developer Glenn Straub who has been trying to acquire the property for quite some time.
Today, Judge Gloria Burns is expected to move forward the sale of Revel and Glenn Straub might acquire it for the sum of $82 million. There has been a number of court hearings but for one reason or another the judge postponed the announcement of her final decision.
The representative of Wells Fargo announced that Revel’s acquisition should be completed as soon as possible regardless of the other bidders’ intentions to take part in the bidding process. Although they have expressed keen interest in becoming the new owners of the former casino, none of them has submitted a bid so far.
Opponents of the sale approval draw the following argument. They are convinced that a higher bid will be submitted within a few days and due to that reason, the judge should postpone the sale once again. However, Wells Fargo representatives argue that such a bid might never be submitted.
Up to now, Wells Fargo has spent about $64 million on Revel’s bankruptcy matters.
Meanwhile, the previous business tenants reassure that the high-profile real estate investors Howard Milstein and Carl Goldberg are to submit a bid amounting to $88 million.
As already mentioned, Wells Fargo representatives do not think such a bid will ever be submitted and said that the unrealistic story about Izek Shomof and his intention to buy Revel is being repeated this time with Milstein Group.
People with knowledge on the matter reminded that a month ago, the California investor was expected to outbid the $82 million proposed by Mr. Straub and that was the reason why another court hearing was set.
Ironically, the “white knight” has never submitted the expected bid or conditions under which the sale agreement of Polo North could have been discarded.
Atlantic City communities are getting impatient to know who would be the new owner of Revel Casino. The struggling economy of Atlantic City is in desperate need of diversification so once Revel is bought, it will open doors for visitors and contribute to state’s coffers.
