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Judge Approves Revel Casino New Winner but Not New Price

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January 04, 2015

Revel Casino in Atlantic City has been approved to be purchased by the second highest bidder by a federal judge.

The casino was put up for auction last year. However when the original winner backed out of the $110 million deal, a Florida developer was next in line to purchase the property.

Glenn Straub is the developer from Florida. He offered $95.4 million as his bid. However Straub no longer wants to pay that amount. Instead he is offering $87 million and seeking a court order to stop the ruling.

Revel Casino was in operation for just over two years. In that time, the casino was unable to make a profit. The casino closed in September of last year.

Return to New Jersey Casinos.

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