After months of bad news, owners of the former Revel Casino Hotel in Atlantic City, NJ, finally got some good news last month when they reached a deal to sell the failed resort to Florida developer Glenn Straub for $82 million. Unfortunately, the good news has turned sour in yet another setback for Revel, according to local newspaper The Press of Atlantic City, which reported Friday that a federal bankruptcy judge has denied the sale.
The issue: Revel's nightclubs, restaurants, and energy supplier have appealed the sale over worries that they will be evicted from the property if Straub is allowed to purchase it. Because those appeals are still pending in court, Chief U.S. Bankruptcy Judge Gloria Burns said she lacks the jurisdiction to move the sale forward.
Attorneys for both Revel's owners and Straub plan to file motions seeking a reconsideration of Burns' decision.
Straub's purchase offer is the third such offer to collapse since Revel went on the market last year.
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