\nCAMDEN, N.J. (AP) \u2013 A bankruptcy court judge on Monday approved a Sept. 24 auction for the failed $2.4 billion Revel Casino Hotel in Atlantic City after a Florida developer offered $90 million cash for the closed building.<\/p>\n
\tDeveloper Glenn Straub said parts of the building could reopen a couple of weeks after the sale. He told reporters that a casino likely would operate in the building at some point, although his bid does not include a requirement that his company be licensed to run a casino.<\/p>\n
\t\u201cWe don\u2019t want a vacant building when winter comes,\u201d Stuart Moscovitz, an attorney for Straub, told the court.<\/p>\n
\tJudge Gloria M. Burns approved the auction date along with a $3 million breakup fee that Straub would be paid if the sale to him doesn\u2019t go through. The auction will occur at 9 a.m. on Sept. 24 if someone else makes a qualified bid. Another bid would have to be at least $4 million higher than Straub\u2019s offer and subsequent bids would have to be at least $1 million more, Burns ruled.<\/p>\n
\tA hearing to approve the sale was scheduled for Sept. 30.<\/p>\n
\tAn attorney for the casino\u2019s unsecured creditors had asked Burns to delay the auction to give other bidders more time.<\/p>\n
\tRevel attorney John Cunningham said no other qualified bids had been received as of Monday morning.<\/p>\n
\t\u201cWe don\u2019t have another buyer standing in the wings,\u201d Cunningham said.<\/p>\n
\tRevel opened a little more than two years ago amid high hopes of turning around Atlantic City\u2019s struggling casino market. But the resort shut down Sept. 2 and about 3,000 employees lost their jobs after it failed to find a buyer before an earlier scheduled auction.<\/p>\n
\tBoth Revel and the Showboat closed over Labor Day weekend. Trump Plaza is closing Tuesday, and the Atlantic Club closed in January. Trump Entertainment Resorts filed for bankruptcy last week and threatened to close the Taj Mahal casino in November if it can\u2019t cut its expenses.<\/p>\n
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