Revel sale cancelled, for now
It is believed everyone needs a rest after the merry go round that is the Revel Casino and hotel. Following the on and off sale of the disastrous story of the development that cost $2.4 billion to build only three years ago, which was to be sold to Straub for a knockdown price of $82 million the judge Gloria Burns on Friday said she could not approve the sale at that price after it was originally to be sold to Straub for $95.4 million but then Revel offered it for less.
Now with ACR Energy threatening to shut down the power for the resort after it is still owed $20 million since the resort closed in September 2014, the difficulties of anyone wanting to buy it deepens.
How this total disaster of a story will be resolved is unclear, what is sure Straub or anyone else will have to offer the near $100 million it was originally supposed to be sold for before a deal will be granted.
Observers say that even at $100 million anyone would be getting a great deal given the cost it once was, even with paying the electric bill.
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