\nWayne Parry, Associated Press <\/p>\n
\tATLANTIC CITY, N.J. (AP) \u2013 A billionaire Manhattan developer and veteran New Jersey real estate executive are pursuing Atlantic City\u2019s former Revel casino, according to a court filing Tuesday.<\/p>\n
\tThe court filing by former business tenants at the casino says Howard Milstein of New York and Carl Goldberg of New Jersey plan an $88 million bid for Revel. That would top the $82 million bid by Florida developer Glenn Straub\u2019s Polo North Country Club, which is due to be considered Thursday by a bankruptcy judge.<\/p>\n
\tThe filing asserts the Milstein group has agreed with the tenants to not seek cancellation of their leases if they buy the casino. It also says another group has signed an offer to buy the casino.<\/p>\n
\t\u201cOne of the bidders, a joint venture between New York\u2019s Howard Milstein and New Jersey\u2019s Carl Goldberg (the Milstein Group) is prepared to post an $88 million cash deposit (which is either $6 million or $16 million more than Polo North\u2019s escrowed purchase price, depending on how you count),\u201d according to the filing by the casino\u2019s so-called amenity tenants.<\/p>\n
\t\u201cThe Milstein Group has reached an interim agreement with the Amenity Tenants under which they will not seek a sale free and clear of the Amenity Tenants\u2019 leaseholds at this time,\u201d they wrote.<\/p>\n
\tThey are among numerous parties whose appeals and objections have thus far thwarted at least four attempts to approve a sale of the $2.4 billion casino, which operated for just over two years and never turned a profit.<\/p>\n
\tRevel AC did not immediately respond to a message from The Associated Press seeking comment Tuesday.<\/p>\n
\tThe filing came as Revel told the court it hopes to sell the property soon, even as it seeks an extension through the end of June to wrap up its bankruptcy case.<\/p>\n
\tThe deadline for Revel AC to complete its Chapter 11 bankruptcy case currently is April 30. The company said it needs more time to solicit support for and execute an exit plan from bankruptcy.<\/p>\n
\tRevel said in its filing it has \u201cdiligently worked with Polo North and (is) now working towards finalizing a sale to Polo North\u201d under an amended sale agreement. \u201cThe debtors hope to consummate the sale soon.\u201d<\/p>\n
\tStraub\u2019s attorney, Stuart Moskovitz, said he plans to close soon after the sale is approved. He said the extension to let Revel AC line up support for its exit from bankruptcy won\u2019t affect the sale.<\/p>\n
\tIf Judge Gloria Burns approves the sale of Revel to Straub on Thursday, Moskovitz said the closing \u201cwould be rather imminent. We want to get it done right away.\u201d<\/p>\n
\tThe Record of Hackensack reported last week that the Milstein group planned to bid on Revel, citing a person it did not identify.<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
Wayne Parry, Associated Press ATLANTIC CITY, N.J. (AP) \u2013 A billionaire Manhattan developer and veteran New Jersey real estate executive are pursuing Atlantic City\u2019s former Revel casino, according to a court filing Tuesday. The court filing by former business tenants…<\/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-8797","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\/8797","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=8797"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8797\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}