Dispute Leaves Revel In The Dark

ATLANTIC CITY, NJ – Revel, the $2.4 billion former casino hotel sold this week for $82 million, went dark – literally – Thursday afternoon.

Power was cut off around 2:20 after its supplier, ACR Energy, made good on multiple threats to new owner Glenn Straub and shut off the lights to the 6.2 million-square-foot, 47-story Boardwalk property.

“Everything is out, it’s a dead building,” a security guard said after the plug was pulled.

It was a hard-to-fathom turn of events even for the endlessly twisty saga of the Revel, once predicted to be an Atlantic City game-changer and now standing tall, dark, and empty in the unpredictable hands of Straub, a maverick Florida businessman and polo player.

Read more at http://www.philly.com/philly/business/20150410_Revel_goes_dark__power_company_pulls_the_plug.html#2yowtyKvfB4cVe3h.99

Judge Approves Revel Sale To Reluctant Buyer At $95.4M

A bankruptcy judge in Camden said Monday that she would approve the sale of Revel AC Inc. for $95.4 million to Florida investor Glenn Straub, rejecting Straub’s effort to pay only $87 million.

The next step is a sale order, which must be signed by U.S. Bankruptcy Judge Gloria M. Burns, but negotiations over the terms of that order – particularly how concerns of tenants and others will be handled – bogged down during a break.

Burns asked attorneys for Revel, Straub, and other parties to work on a sales order to be filed this week, in time to be considered at a Revel hearing scheduled for Thursday.

Once a sale order is signed, the sale of the property, built at a cost of $2.4 billion, is expected to close within 30 days, according to the asset purchase agreement.

Read more at http://www.philly.com/philly/business/20150106_Judge_approves_Revel_sale_at__95_4M.html#E22YTTlqip5srAzV.99

Bankruptcy Judge OKs Revel Sale To Brookfield

Map of New Jersey (Photo credit: Wikipedia)

A federal bankruptcy judge in Camden on Tuesday approved the sale of Atlantic City‘s Revel Casino Hotel for $110 million to Brookfield Asset Management Inc.

“I believe the high bid of Brookfield should be approved,” U.S. Bankruptcy Judge Gloria M. Burns said.

The sale will mark the beginning of a new chapter in the short and tumultuous history of the $2.4 billion property that struggled from the day it opened in 2012.

Read more at http://www.philly.com/philly/business/20141008_Bankruptcy_judge_makes_Brookfield_new_owner_of_Revel.html#9DfB3Aab1OpydZmT.99

Stricken Revel Has A Buyer – For $90M In Cash

Map of New Jersey (Photo credit: Wikipedia)

Revel AC Inc. said in a bankruptcy court filing Wednesday that it had reached a deal to sell its $2.4 billion Atlantic City property to South Florida developer Glenn Straub for $90 million in cash.

The deal was reached Friday, according to the filing. That was less than a week after Revel closed, putting nearly 3,000 people out of work.

The offer is less than 4 percent of the casino’s original price tag.

“It’s not going to be just a casino,” Straub said. “There’s four people that would make excellent casino operators, but that building is much, much more than just a casino.”

Read more at http://www.philly.com/philly/business/20140911_Stricken_Revel_has_a_buyer_for__90M_in_cash.html#UYw7HbKdWPWbAI8K.99