{"id":27548,"date":"2015-02-10T12:41:18","date_gmt":"2015-02-10T20:41:18","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=27548"},"modified":"2015-02-10T12:49:44","modified_gmt":"2015-02-10T20:49:44","slug":"revel-straub-sale-likely-off","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/revel-straub-sale-likely-off\/","title":{"rendered":"Revel Straub Sale Likely Off as Deadline Passes: Does This Casino Need an Exorcism?"},"content":{"rendered":"
\"Revel
The sale of the Revel Casino in Atlantic City to developer Glenn Straub was not completed by Monday night\u2019s deadline, making it likely that the deal will fall through. (Image: Michael Ein\/pressofatlanticcity.com\/AP)<\/figcaption><\/figure>\n

Maybe it’s time for Revel to call in a witch doctor to clear its bad karma. The Atlantic City casino, it would seem, would have no luck at all were it not for all the bad luck that follows it like a poker player who wants a debt paid back.<\/p>\n

The Revel Casino Hotel<\/a> in the New Jersey beachside resort \u00a0has been plagued by problems since even before construction was completed, and it has never seemed to have Lady Luck on its side. That streak of bad fortune may be set to continue, as the sale of the beleaguered casino appears to have fallen through yet again.<\/p>\n

According to the owners of the Revel, the sale of the former casino was to be cancelled on Tuesday, following a failure to agree to terms with Florida developer Glenn Straub<\/a>. The sale termination could technically have been requested as early as 12:01 am on Tuesday morning, but lawyers for the shuttered Atlantic City resort said that would have been unrealistic.<\/p>\n

\u201cWe do not plan to file that until the morning,\u201d said attorney Michael Viscount on Monday night. \u201cThe court is not going to read or act on any such thing at this hour.\u201d<\/p>\n

Straub Wants Extension to End of the Month<\/h2>\n

However, the Revel won\u2019t be the only side filing a request in court this week.<\/p>\n

Straub still wants to figure out a way to finalize the purchase of the casino on his own terms, and as such, is asking a bankruptcy court judge to approve an extension of the sale deadline to February 28. A hearing on that request is scheduled for Wednesday morning.<\/p>\n

The latest round of legal action actually began this past weekend, when US District Court Judge Jerome B. Simandle put a temporary block on some terms of the $95.4 million sale. Straub had hoped to be able to unilaterally terminate the leases of some restaurants, nightclubs, and retailers, allowing him to move them, or potentially even vacate them, from the property.<\/p>\n

Initially, Judge Simandle only scheduled an emergency hearing on the issue for Monday.<\/p>\n

But that hearing saw the temporary stay continue, meaning that while Straub still could have completed the sale, he wouldn\u2019t be able to do so with any certainty over how the legal battle against the current tenants at the Revel will turn out.<\/p>\n

\u201cWe can\u2019t close if we have no idea what we\u2019re closing on,\u201d said Stuart Moskovitz, Straub\u2019s attorney.<\/p><\/blockquote>\n

Battle Over Deposit May Also Loom<\/h2>\n

If the sale is ultimately cancelled, there could be yet another battle over a $10 million deposit that Straub made on the property.<\/p>\n

Revel managed to keep an $11 million deposit when Canadian firm Brookfield Asset Management pulled out of a $110 million sale last November, and the owners say keeping Straub\u2019s deposit would help buy time to find yet another buyer for the property.<\/p>\n

But Straub says that he doesn\u2019t plan to let them keep the money if they back out of the sale.<\/p>\n

According to Moskovitz, the owners of the Revel should be happy to take the current deal, because they\u2019re unlikely to get anything like it in the future.<\/p>\n

\u201cIf Revel terminates this contract, it will cost them tens of millions of dollars,\u201d Moskovitz told the Associated Press. \u201cThey will never get a bid at these numbers. From Day One, Revel was a disaster, in every way imaginable.\u201d<\/p><\/blockquote>\n

If Straub were to eventually buy the Revel, it\u2019s still less than clear what he would do with the property. He has talked about building a water park, opening a university, reopening the casino under new branding, building condominiums, or some combination of the above.<\/p>\n

Meanwhile, get a witch doctor on the phone.<\/p>\n","protected":false},"excerpt":{"rendered":"

Maybe it’s time for Revel to call in a witch doctor to clear its bad karma. The Atlantic City casino, it would seem, would have no luck at all were it not for all the bad luck that follows it like a poker player who wants a debt paid back. The Revel Casino Hotel in […]<\/p>\n","protected":false},"author":42,"featured_media":27560,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,13,18],"tags":[],"acf":[],"yoast_head":"\nRevel Straub Sale Likely Off as Deadline Passes: Does This Casino Need an Exorcism?<\/title>\n<meta name=\"description\" content=\"Glenn Straub\u2019s purchase of the Revel in Atlantic City may be off, as he could not buy the casino on his own terms in time to meet a Monday deadline.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revel Straub Sale Likely Off as Deadline Passes: Does This Casino Need an Exorcism?\" \/>\n<meta property=\"og:description\" content=\"Glenn Straub\u2019s purchase of the Revel in Atlantic City may be off, as he could not buy the casino on his own terms in time to meet a Monday deadline.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/revel-straub-sale-likely-off\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-10T20:41:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-02-10T20:49:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/02\/Revel-casino-sale-hex-Glenn-Straub.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"556\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/revel-straub-sale-likely-off\/\",\"url\":\"https:\/\/www.casino.org\/news\/revel-straub-sale-likely-off\/\",\"name\":\"Revel Straub Sale Likely Off as Deadline Passes: Does This Casino Need an Exorcism?\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-straub-sale-likely-off\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-straub-sale-likely-off\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/02\/Revel-casino-sale-hex-Glenn-Straub.jpg\",\"datePublished\":\"2015-02-10T20:41:18+00:00\",\"dateModified\":\"2015-02-10T20:49:44+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Glenn Straub\u2019s purchase of the Revel in Atlantic City may be off, as he could not buy the casino on his own terms in time to meet a Monday deadline.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-straub-sale-likely-off\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/revel-straub-sale-likely-off\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/revel-straub-sale-likely-off\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/02\/Revel-casino-sale-hex-Glenn-Straub.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/02\/Revel-casino-sale-hex-Glenn-Straub.jpg\",\"width\":1024,\"height\":556,\"caption\":\"The sale of the Revel Casino in Atlantic City to developer Glenn Straub was not completed by Monday night\u2019s deadline, making it likely that the deal will fall through. 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