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Developer Offers Discounted Price for Revel Casino

December 25, 2014

The new potential buyer for Revel Casino Hotel is asking to pay less than what was originally offered for the property.

When the property went to auction, the winning bid was $110 million from a Toronto-based company. The company ultimately refused to continue with the purchase since it was unable to negotiate a power plant deal that would cost $2.4 billion.

Glenn Straub was the second runner up. His bid was for $95.4 million.

On Wednesday, Florida developer's lawyers submitted paperwork to the court asking to pay $87 million instead.

Straub is asking a federal judge to remove the breakup fee that costs $3 million. This is due to the casino holding on to the $11 million deposit for the Brookfield Asset Management that is being kept.

The developer also believes that the auction was unfair. He would not have offered to pay more than $90 million for the property.

On January 5 the federal judge will make a ruling on the sale.

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