Revel Casino in Atlantic City has been approved to be purchased by the second
highest bidder by a federal judge.
The casino was put up for auction last year. However when the original winner
backed out of the $110 million deal, a Florida developer was next in line to
purchase the property.
Glenn Straub is the developer from Florida. He offered $95.4 million as his bid.
However Straub no longer wants to pay that amount. Instead he is offering $87
million and seeking a court order to stop the ruling.
Revel Casino was in operation for just over two years. In that time, the casino
was unable to make a profit. The casino closed in September of last year.
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