Buyer Threatens To Walk Away From Revel Casino Purchase Deal
ATLANTIC CITY, N.J. (AP) -- The Florida developer in line to buy Atlantic City's former Revel casino hotel is threatening to walk away from the deal if a court ruling goes against him.
Glenn Straub is buying the casino for $95.4 million, but tenants at the site are appealing the deal, claiming they stand to lose millions if it goes through.
A federal judge is expected to rule on that request Wednesday following a day-long hearing on the matter Tuesday.
Straub's attorney Stuart Moskovitz says he may cut his losses at $10 million and abandon the deal, just as a Canadian firm originally tapped to buy the casino did in November.
Moskovitz says Straub is the only potential buyer for Revel, and if the deal fell through, it would seriously harm Atlantic City.
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