\n(Reuters) – New Jersey’s shuttered Revel Casino on Tuesday asked a federal judge to lift a stay on its pending sale to a Florida investor, arguing in a filing that creditors will be harmed if the deal does not go through soon.<\/p>\n
\tIDEA Boardwalk LLC, which operated a bar and a nightclub at Revel – one of four Atlantic City casinos that closed down last year – has sued to block the sale, saying it will lose $16 million in investments under the deal.<\/p>\n
\tOn Friday, 3rd U.S. Circuit Court of Appeals Judge Thomas Ambro ordered the sale delayed while he studies legal challenges.<\/p>\n
\n\tRevel Casino said in the Tuesday filing that the deal must close by Feb. 9 or it could collapse. That would be "catastrophic," the filing said, because it would destroy $100 million of creditor value, based on the sale price plus additional costs to liquidate assets.<\/p>\n
\tRevel, which cost $2.4 billion to build and opened just two years ago, closed on Sept. 2 after filing for bankruptcy three months earlier. The bankruptcy court later approved a sale to Florida developer Glenn Straub for $95.4 million.<\/p>\n
\tIDEA Boardwalk, along with several restaurants that had also leased space inside the casino, in January lost a federal court challenge to the sale. The nightclub then appealed.<\/p>\n
\tRevel was conceived as a Las Vegas-style resort that emphasized high-end dining and eye-catching design.<\/p>\n
\tThe nightclub and restaurants were a popular aspect of the otherwise unsuccessful casino, and they were often full as the gaming floor and hotel rooms stood empty.<\/p>\n
Posted by:<\/strong> Dr Crapology on February 6, 2015, 12:39 pm<\/p>\n \tDoc<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" (Reuters) – New Jersey’s shuttered Revel Casino on Tuesday asked a federal judge to lift a stay on its pending sale to a Florida investor, arguing in a filing that creditors will be harmed if the deal does not go…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8617","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8617"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8617\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}