Revel Casino Finds Possible Buyer

Revel Casino Finds Possible Buyer

The Associated Press is reporting that the now shuttered Revel Casino in Atlantic City has found a possible buyer.

From the AP: "The casino said in the bankruptcy court filing that Glenn Straub's Polo North Country Club, Inc., made the cash bid for the $2.4 billion resort. The casino also wants a judge to set an auction for Sept. 24 if any higher bids are received by Sept. 23. A bankruptcy court judge would have to approve any sale.

"It's unclear whether Straub would operate the property as a casino if the sale went through. Straub's offer is not contingent on him getting approval to run a casino, according to the court filing."

The Associated Press is reporting that the now shuttered Revel Casino in Atlantic City has found a possible buyer.

From the AP: "The casino said in the bankruptcy court filing that Glenn Straub's Polo North Country Club, Inc., made the cash bid for the $2.4 billion resort. The casino also wants a judge to set an auction for Sept. 24 if any higher bids are received by Sept. 23. A bankruptcy court judge would have to approve any sale.
"It's unclear whether Straub would operate the property as a casino if the sale went through. Straub's offer is not contingent on him getting approval to run a casino, according to the court filing."

The Revel, along with Atlantic City’s famed Showboat Hotel and Casino, shut down during the Labor Day Weekend.  The Trump Plaza plans to close next week while its sister hotel, The Taj Mahal, entered into bankruptcy protection this week.

"Our earnest hope is that we will have a successful auction," attorney John Cunningham said in bankruptcy court last month regarding a potential Revel suitor. "But it takes two to tango. ...It may be (that) some of the dust has to settle from the shutdown."

By Vito Conti
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