ABC News: Atlantic City’s Revel Casino sold for $82M to former Martin Downs CC owner

This file photo, shows the Revel Casino Hotel, right, next to the already closed Showboat Casino Hotel in Atlantic City, N.J. Three years to the day after Atlantic City’s $2.4 billion Revel casino opened — and seven months to the day after it closed — a bankruptcy court judge approved its sale to a Florida developer for about 4 cents on the dollar. The approval April 2, 2015, came after Glenn Straub’s Polo North Country Club agreed to drop its demand that the sale go through “free and clear of encumbrances” like the tenants’ leases — an issue that had helped scuttle several prior attempts to sell the casino. (Source: ABC News)

Three years to the day after Atlantic City’s $2.4 billion Revel casino opened — and seven months to the day after it closed — a bankruptcy court judge approved its sale to Florida developer Glenn Straub [former owner of Palm City’s Martin Downs Country Club] for about 4 cents on the dollar.

Straub has proposed a vast array of uses for the property, including a scaled-down casino, hotel, condos, a water park and a “genius academy” where the world’s top minds would tackle society’s biggest problems.

For the complete story: http://abcnews.go.com/US/wireStory/judge-oks-sale-revel-casino-florida-developer-30072491

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