CAMDEN, NJ—In court proceedings on Monday here, Chief U.S. Bankruptcy Court Judge Gloria Burns approved a Sept. 24 auction for the Revel Casino Hotel despite pleas by attorneys for Revel creditors and tenants who wanted the auction date pushed back to possibly secure more buyers and better offers for the $2.4-billion property.
Also at the court hearing, a representative for the sole bona-fide bidder on the bankrupt 6.2-million-square-foot casino/hotel says that if successful, he would operate a casino at the property, but it would not the dominant draw for customers, according to the Press of Atlantic City.
Glenn Straub of Florida-based development firm Polo North Country Club Inc. has made an offer for Revel of $90 million. Stuart Moskovitz, an attorney representing Straub, said that Polo North is in a position, “if this thing goes through quickly, to open up within a couple of weeks. We don't want a vacant building when winter comes.”
An offer by Richard Meruelo, whose brother tried to purchase Trump Plaza last year, wasn't sufficient to be included in the upcoming auction, according to John Cunningham, an attorney who represents Revel's parent company. See story in the Press of Atlantic City.
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