Buyer Glenn Straub says deal before midnight impossible
Revel casino deal must close or it’s off
2015-02-10
Reading time 46 seg
(US).- The owners of the former Revel casino in Atlantic City said it would cancel a deal to sell it to a Florida developer if the sale did not close by midnight. It was not immediately known whether the owners made good on the warning when the midnight passed, though a published report said the new owner was expected to miss the deadline.
Monday had been the deadline for Revel to be sold to Straub for US$ 95.4 million.
Revel attorney Michael Viscount said the casino would cancel the sale at 12:01 a.m. Tuesday if it hadn’t closed, and would keep Straub’s US$ 10 million deposit. Last month, Straub said he planned to open a water park at the Revel site, and also told reporters he planned a high-speed ferry service between the site and New York City. Revel closed Sept. 2 after little more than two years of operation, never having turned a profit. The Showboat and Trump Plaza have also shut their doors.
Straub would be the second potential purchaser to have a deal to buy Revel fall through.
A Canadian firm backed out of a US$ 110 million purchase in November.
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