CAMDEN, NJ—U.S. Bankruptcy Judge Gloria M. Burns ruled on Thursday afternoon in favor of the Revel Casino Hotel's petition to terminate the sale of the resort to Florida developer Glenn Straub for $95.4 million.
The judge also ruled that the $10-million deposit of Straub's company Polo North Country Club be placed in an escrow account for the debtor's of the shuttered and bankrupt casino resort.
While the Straub purchase of the resort is not dead, the ruling allows Revel to once again seek the interest of other buyers. Last year, Toronto-based Brookfield US Holdings LLC won an auction to buy the casino for $110 million but later pulled out of the deal, according to NJ.com.
Stuart Moskovitz, an attorney for Straub, said he would file an appeal. "No game ends in the first quarter. There's still a lot of things to go, not the least of which is there's not other bidders. There's nobody else. If we walk away, they are going to liquidate because nobody is going to come up with the money we are going to come up with."
Michael Viscount, an attorney for Revel, countered that the resort has gotten daily inquiries about the property. See story at NJ.com.
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