Revel Sale Collapses…Again

Three years later, the sorry saga of the failed Revel Casino Hotel continues.Once touted as a “game changer” for Atlantic City, the Revel collapsed spectacularly, going from bailout to bankruptcy to closing in little more than two years. And now an agreement to sell the $2.4 billion project for 5 cents on the dollar is collapsing as well.

The Revel owners faced a deadline of February 9th to close the $95.4 million deal. However, court battles by a separately owned nightclub and restaurant located in the Revel have not been settled, and the deadline was missed. Attorneys for the Revel are pushing to negate the terms of the sale and keep the $10 million deposit by the prospective buyer.

“Just when you think this story can’t get more bizarre, here we go again,” said Paul Seago, Executive Director of No Casinos, Inc. “This so-called ‘destination resort’ was supposed to be a savior for Atlantic City. Now, even at a discount of 95% off, they can’t sell this boondoggle. Florida should use this as a warning and not fall for the empty promises of the casino industry.”


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Posted: Tuesday, February 10, 2015 6:30 am

A deal to sell Revel Casino Hotel appeared to be unraveling Monday, with an attorney for the would-be buyer warning of months of litigation if Revel makes good on a threat to push the deal through by day’s end.

Revel attorney Michael Viscount said after a court hearing Monday that if a $95.4 million sale didn’t happen Monday, he would file court papers at 12:01 a.m. today for approval to terminate the proposed sale and keep Polo North Country Club’s $10 million deposit.

“We need to come up with Plan C really quickly,” he said.

Viscount said he is not aware if there is another Revel buyer waiting in the wings. And he said Revel’s bankrupt parent, Revel AC, does not have plans to liquidate the property.

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