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Judge Approves $82 Million Sale of Revel Casino to Glenn Straub

Revel Casino HotelOwners of the bankrupt Revel Casino have been trying to sell the property for a number of months but have so far been unsuccessful due to a number of reasons. The property was constructed for an estimated $2.4 billion but has failed to attract any buyers willing to pay that high a price.

During the last few months, a number of real estate developers in the country have placed bids to buy the casino but bankruptcy judge Gloria Burns had been reluctant to make a final decision as she wanted the owners to review all their options before finalizing on what they prefer.

Judge Burns has presided over the entire case and is well aware of the number of bids that the Revel casino has attracted in the recent past. The judge decided on the 2nd of April that real estate developer Glenn Straub’s proposal was the best proposal Revel had and decided to approve the sale. The finalization of the sale and the signing of all documents pertaining to the sale is expected to be completed by the 3rd of April.

Glenn Straub plans to evict the former tenants of Revel’s and cancel all leases and contracts that have ties with the property. Straub also has no intention of continuing to work with the custom built power plant at Revel as the cost of paying $3 million each month does not fit into the real estate developers plan. The power plant is responsible for providing the casino with hot water and electricity, since there is no other reliable source of power.

Lawyers representing the power plant and Revel’s ex-tenants petitioned Judge Burns and asked her to take more time to make a final decision. The lawyers wanted the Judge to review more petitions and make a decision in favour of a petition that would allow both the ex-tenants and the power plant to continue its ties with the property. However, Judge Burns turned down their request saying

As of today, there’s nothing else definitive before the court.

Straub was not willing to allow the ex-tenants to continue their contract with the casino as he has plans to turn the property into a luxury resort. The real estate developer will currently make use of temporary boilers and generators to provide hot water and electricity to the Revel casino. Straub is currently looking at other permanent options that are not as expensive as the customized power plant.