Attorney says
Revel casino sold for 3% of cost to build to Florida developer
The former Revel Casino Hotel that cost USD 2.4B has been sold for USD 82M, according to an attorney for Florida real estate developer Glenn Straub.
2015-04-08
Reading time 28 seg
The former Revel Casino Hotel that cost USD 2.4B has been sold for USD 82M, according to an attorney for Florida real estate developer Glenn Straub.
"The deal is closed," attorney Craig Galle said on Tuesday.
The sale comes a day after a federal bankruptcy court judge officially approved the sale.
Straub's Polo North Country Club purchased the property, which closed last September after twice filing for bankruptcy. The resort first opened its doors in April 2012.
Galle said Straub is still working out the details about what he plans to do with the property.
Straub last week announced the acquisition of the casino was part of a larger plan dubbed the "Phoenix Project," which includes $500 million in investments in the Atlantic City area.
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