The new potential buyer for Revel Casino Hotel is asking to pay less than what
was originally offered for the property.
When the property went to auction, the winning bid was $110 million from a
Toronto-based company. The company ultimately refused to continue with the
purchase since it was unable to negotiate a power plant deal that would cost
Glenn Straub was the second runner up. His bid was for $95.4 million.
On Wednesday, Florida developer's lawyers submitted paperwork to the court
asking to pay $87 million instead.
Straub is asking a federal judge to remove the breakup fee that costs $3
million. This is due to the casino holding on to the $11 million deposit for the
Brookfield Asset Management that is being kept.
The developer also believes that the auction was unfair. He would not have
offered to pay more than $90 million for the property.
On January 5 the federal judge will make a ruling on the sale.
500 Nations is an independent directory and information service free of any gaming operator's control and not affiliated with any casino.
Warning: You must ensure you meet all age and other regulatory requirements before entering a casino or placing a wager.
There are hundreds of jurisdictions in the world with Internet access and hundreds of different games and gambling opportunities available on the Internet.
Do not assume that Internet gaming sites are in compliance with the rules and regulations of every jurisdiction from which they accept players.
YOU are responsible for determining if it is legal for YOU to play any particular game or place any particular wager under the laws of the jurisdiction where you are located.