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Reuters: Revel Casino Fails Again to Get a Deal

March 16, 2015, 07:13 AM
Filed Under: Gaming

Reuters reported a U.S. Bankruptcy Court judge rejected Revel Casino's agreement for a sale to a Florida developer for $82 million, marking the third failed deal for the shuttered hotel.

According to the Reuters report, Judge Gloria Burns in Camden, New Jersey, said she could not approve the sale because it would interfere with an appeal being pursued by casino tenants who argue that the deal would deny them their property rights.

The casino's advisers were seeking approval of an agreement to sell Revel to Glenn Straub, who agreed to buy it "free and clear" of lease agreements with tenants such as restaurants and nightclubs. The Revel had already failed to close two previous sale agreements, one with an affiliate of Brookfield Asset Management, for $110 million, and a $95 million agreement with Straub.

Reuters reports that Burns said Revel could come back to court and ask her to approve a sale that left the tenant's leases in place, although she acknowledged Straub has called that a dealbreaker.

To read the full Reuters report, click here.

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