WSJ: Judge approves $95.4M sale of Revel Casino to former owner of Martin Downs Country Club

Built at a cost of $2.4 billion and opened in 2012, Revel shut down in September, throwing thousands out of work. (Source: Wall Street Journal)

 

The Wall Street Journal reports that a bankruptcy judge approved the sale of Atlantic City, N.J.’s Revel Casino Hotel to Florida real-estate developer Glenn Straub [a former owner of Martin Downs Country Club in Palm City] for $95.4 million, after Mr. Straub took the unusual step of objecting to a deal with himself.

During a hearing Monday at the U.S. Bankruptcy Court in Camden, N.J., Judge Gloria Burns overruled the objection from Mr. Straub, who sought to reduce the price of the resort to $87 million or void the auction that ended with his $95.4 million offer being named the backup bid.

For the complete blog entry:http://blogs.wsj.com/bankruptcy/2015/01/06/the-daily-docket-judge-approves-revel-sale/

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