Los Angeles developer now wants Revel

“We submitted an offer and provided proof of funds for the entire purchase,” Leo Pustilnikov, a partner of developer Isek Shomof, said to reporters this week.

According to Pustilnikov his company made an offer of $80 million after a U.S. Bankruptcy Court judge allowed the Revel to terminate its planned $95.4 million sale to Straub on the 19th February.

However the Revel then changed its mind and decided to sell to Straub for the knockdown price of $82 million, but Pustilnikov said his and Shomof’s $80 million offer is effectively $8 million more than Straub’s current price, because that $82 million includes a $10 million deposit forfeited when Straub failed to complete the purchase by a Feb. 9 deadline. That makes Straub’s current deal worth $72 million in reality.

The seal of approval on the sale to Straub in scheduled to take place on Wednesday 4th March in court however tenants and ACR Energy are opposing the sale to Straub as they will lose money and tenants will be thrown out without any compensation.
But the Los Angeles developers want to keep the tenants and speak to ACR Energy.

“We would like the tenants to remain. The tenants have invested a lot of money into their spaces and have performed well in their spaces prior to them being unceremoniously removed,” Pustilnikov said.

At present the Revel owners refuse to allow them entry to the casino hotel and will not speak to them on a sale. Once again the Revel story drags on and more court action is now expected by one or more parties involved in this long running story.