\nMichael Bathon, Bloomberg \u00b7 February 19, 2015 at 6:50 pm
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\n\tRevel AC Inc., the bankrupt Atlantic City casino, is hoping to be third-time lucky after it won a court\u2019s permission to scrap its second attempted sale and try once more to find a buyer.<\/p>\n
\tIf the company strikes out, it could be game over for the casino which has suffered along with the rest of the seaside New Jersey town as gamblers are drawn to venues in neighboring states. Revel representatives have said the company could be forced to liquidate if it can\u2019t attract a buyer within five months.<\/p>\n
\tU.S. Bankruptcy Judge Gloria Burns at a hearing Thursday in Camden, New Jersey, gave the company permission to cancel its $95.4 million deal with Florida real estate investor Glenn Straub. She also ruled that Revel can keep the bidder\u2019s $10 million deposit, which will be held in escrow.<\/p>\n
\tStraub is weighing an appeal, his attorney Stuart Moskovitz said in an e-mail.<\/p>\n
\t\u201cThe decision does not alter ongoing negotiations,\u201d Moskovitz said.<\/p>\n
\tOnly Suitor<\/p>\n
\tRevel, which opened in April 2012 at a cost of $2.4 billion, filed for bankruptcy in June and closed in September as Atlantic City lost business to competitors in neighboring states. The following month, Brookfield Property Partners LP won a bankruptcy auction for the assets with a $110 million offer before walking away, leaving Straub\u2019s Polo North Country Club Inc. as the only suitor.<\/p>\n
\tRevel sought to void the deal the Polo North after it missed a Feb. 9 closing deadline. Straub argued that he couldn\u2019t go through with the sale by then without first learning whether existing tenants would be allowed to stay.<\/p>\n
\tEarlier this month some of Revel\u2019s current tenants, including the owner of a nightclub, successfully challenged the terms of the Polo North sale, saying it improperly stripped them of their property rights. A Philadelphia federal appeals court ruling blocking that part of the deal threw the sale in doubt.<\/p>\n
\tBurns rejected Polo North\u2019s argument that sale documents didn\u2019t specifically call for a prompt closing.<\/p>\n
\tIt\u2019s the court\u2019s job \u201cto determine the intentions of the contract,\u201d Burns said during the telephonic hearing. It was clear that Revel \u201cstressed the importance of closing as soon as possible,\u201d she said.<\/p>\n
\tShaun Martin, Revel\u2019s chief restructuring officer, testified at a hearing on Tuesday that the company hasn\u2019t received any serious inquires since the second sale unraveled.<\/p>\n
\tRevel will seek permission at a Feb. 25 hearing to use the forfeited deposit to help fund it\u2019s expenses going forward, John K. Cunningham, an attorney for the company, said during Thursday\u2019s hearing. The funds can\u2019t be accessed without first obtaining court approval.<\/p>\n
\tThe bankruptcy is In re Revel AC Inc., 14-bk-22654, U.S. Bankruptcy Court, District of New Jersey (Camden).<\/p>\n
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Michael Bathon, Bloomberg \u00b7 February 19, 2015 at 6:50 pm Share on facebookShare on twitterShare on emailShare on pinterest_shareMore Sharing Services 0 Revel AC Inc., the bankrupt Atlantic City casino, is hoping to be third-time lucky after it won a…<\/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-8687","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\/8687","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=8687"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8687\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}