Judge OKs Auction For Closed $2.4B Revel Casino
CAMDEN, N.J. (AP) — A bankruptcy court judge says she will approve an auction Sept. 24 for the closed $2.4 billion Revel Casino Hotel.
Judge Gloria M. Burns said Monday she will approve the auction after a $90 million cash bid from a Florida developer was made public last week.
An attorney for Glenn Straub says that parts of the building could reopen a couple of weeks after the sale. Burns also approved a $3 million breakup fee that Straub would be paid if the sale to him doesn't go through.
Straub told reporters that a casino will likely operate in the building at some point. His bid doesn't include a requirement that his company be licensed to run a casino.
Revel attorney John Cunningham says no other qualified bids had been received as of Monday morning.
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