Revel Owners Ask Judge To Cancel Deal With Florida Developer
By Justin Udo
ATLANTIC CITY, N.J. (CBS) -- The owners of Atlantic City's Revel Casino Hotel say this morning they will ask a judge to cancel a deal to sell it to a Florida developer for $95 million dollars. The two sides couldn't agree on terms for businesses that have existing leases for space inside the resort.
As of Monday night, the owners of the shuttered Atlantic City casino said they could not reach a deal to sell the property to a Florida developer.
"We will be asking the judge to direct that the escrow agent release the deposit to Revel immediately," said Revel Attorney Michael Viscount.
Viscount says developer Glenn Straub knew he could lose his $10 million down payment on the casino.
"We expected to be closing on a sale to Mr. Straub," he says. "We need to come up with plan C really quickly."
Both sides say the uncertainty over the rights of former businesses that rented space at the casino is the main reason this deal fell through.
"Mr. Straub doesn't want to buy the assets under the current circumstance. We're going to be asking the judge through a motion we'll file to terminate the agreement," says Viscount. "He would buy it as long as we use commercially reasonable efforts to attempt to get the court to order that the sale be free and clear of those interests."
