Revel Sale Resurrected; $82M Price Agreed On For Ex-casino
ATLANTIC CITY, N.J. (AP) — A deal to sell Atlantic City's former Revel Casino Hotel to a Florida developer has been resurrected, albeit for a lower price.
Glenn Straub signed a deal Tuesday to buy Revel for $82 million. The casino cost $2.4 billion to build.
His lawyer says the deal should close by March 31, and Straub plans to have at least part of what he envisions primarily as a recreational complex open by summer.
Last week, a bankruptcy court judge approved Revel's decision to scrap a $95.4 million sale to Straub, who missed a deadline to close on it.
But she never entered a final order, leaving both parties room for last-ditch negotiations that resulted in Tuesday's sale.
Straub is still not sure whether a casino will be part of his plan.
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