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\tWayne Parry, Associated Press \u00b7 <\/p>\n
\tATLANTIC CITY, N.J. (AP) \u2013 A Florida developer trying to salvage a deal to buy Atlantic City\u2019s former Revel casino says the casino\u2019s owner told him it has \u201cmany\u201d buyers for it.<\/p>\n
\tIn a Sunday filing with the U.S. Bankruptcy court, a lawyer for developer Glenn Straub asserts that Revel AC has told him it has other buyers for the casino hotel.<\/p>\n
\tBoth sides are due in court Tuesday, when a bankruptcy judge will decide whether to approve Revel\u2019s termination of the $95.4 million sale to Straub\u2019s Polo North Country Club. But that hearing is in doubt due to a significant snowstorm approaching the region, and at least one high-profile federal criminal trial due to begin on Tuesday had already been postponed.<\/p>\n
\tPolo North attorney Stuart Moskovitz wrote: \u201cDebtors\u2019 counsel has indicated many times that there are many purchasers for the debtors\u2019 assets. That statement is seen in the auction transcript and has been made to counsel for Polo North and in open court. The debtors\u2019 motive in seeking to abruptly terminate the Polo North (sale) certainly is in question as a result of those statements. As Polo North has brought to the court\u2019s attention previously, the debtors appear to want to manipulate the sale process, whether it be to raise the sale price or collect additional deposit forfeitures. Such behavior calls the debtors\u2019 motive directly in question.\u201d<\/p>\n
\tA Revel attorney declined to comment Monday.<\/p>\n
\tJudge Gloria Burns is scheduled to rule Tuesday on Revel AC\u2019s move to cancel the sale to Straub and to pocket his $10 million deposit. Revel AC also kept an $11 million deposit when a $110 million sale to Toronto-based Brookfield Asset Management fell through in November.<\/p>\n
\tRevel said it moved to terminate the sale because Polo North had not met the Feb. 9 deadline called for under the sale contract, and it indicated it would seek to identify a new buyer. The judge has denied Straub\u2019s bid to extend the deadline to complete the sale.<\/p>\n
\tAlso over the weekend, a company that owns two nightclubs and an outdoor pool club at the former casino and Revel\u2019s committee of unsecured creditors lent their support to Revel\u2019s move to scrap the Polo North sale and try again with someone new. IDEA Boardwalk wrote that it supports terminating the sale to Straub \u201cbased on the fact that Polo North is unwilling to close on a sale of the debtors\u2019 assets in a timely fashion.\u201d<\/p>\n
\tThe power plant that is Revel\u2019s sole utility supplier also supported scrapping the sale, but it wants the $10 million held in escrow to possibly pay its unpaid bills.<\/p>\n
\tThe Hard Rock franchise owned by Florida\u2019s Seminole Indians has expressed interest in Revel on several occasions, and Seminole Hard Rock Entertainment CEO Jim Allen said his company had held discussions with Straub about a potential involvement in a re-opened casino there.<\/p>\n
\tOn Jan. 29, New Jersey casino regulators granted Hard Rock preliminary authority to own a casino in Atlantic City, where four casinos, including Revel, closed last year.<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
Wayne Parry, Associated Press \u00b7 ATLANTIC CITY, N.J. (AP) \u2013 A Florida developer trying to salvage a deal to buy Atlantic City\u2019s former Revel casino says the casino\u2019s owner told him it has \u201cmany\u201d buyers for it. In a Sunday…<\/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-8666","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\/8666","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=8666"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8666\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}