ATLANTIC CITY, NJ—In court papers filed Wednesday, attorneys representing Revel Casino Hotel stated that Florida-based developer Glenn Straub has made a $90-million cash bid for the shuttered property.
Revel revealed the offer by Straub in court papers in connection with its pending bankruptcy court case. The troubled casino-hotel shut its doors earlier this month.
Straub says his all-cash bid for the Revel represents "an opportunity to turn things around." He adds, "That's what they need right now—a new direction. Give us our six months, and we'll actually physically be open. In two years, we'll be 100% open."
It is unclear if Straub intends to operate the property as a casino or just a hotel, according to the Wall Street Journal. The newspaper reports that Alex Meruelo of the California-based Meruelo Group has made an offer for the Revel as has investor Carl Icahn, who could take over Trump Plaza and the Trump Taj Mahal due to their parent company—Trump Entertainment Resorts Inc.'s bankruptcy filing on Tuesday. See story in the Wall Street Journal.
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