Atlantic City’s Revel finally sold

The deal reached with Revel’s owners comes down to being a case of 'the third time is the charm', after a Canadian bidder had backed out of the deal and Straub’s offer was terminated when he did not make the sales completion deadline set by the court.However, bankruptcy court Judge Gloria Burns created a window of opportunity by not actually issuing a final order, and that gave Straub and Revel’s owners time for last-ditch negotiations, according to a report from the Associated Press news agency.

The fresh talks resulted in lawyers for both sides reaching agreement Tuesday at US$ 82 million, an amount Straub had already paid in full.

Straub’s legal representative told the AP that the deal will close on March 31 and will see the building reopen as a recreational complex by the summer of this year. He revealed that plans include a US$ 50 million-plus expansion of the exterior as well as a more accessible hotel lobby and a large medical-health spa and facility at another US$ 50 million or more.

Straub still has to resolve issues with existing tenants and a significant amount owed to the building’s power supplier, problems that may require further court involvement.

Revel’s owners confirmed Tuesday that Straub had paid in full the US$ 82 million purchase price in cash and that it would seek approval for the agreement from the bankruptcy court. It is assumed that Straub’s US$ 10 million deposit is part of the agreed US$ 82 million pricetag.