The man who put in a bid to purchase the abandoned Revel Resort and Casino in Atlantic City has said that he wants a discount on the amount he bid.
Glenn Straub, a Florida property baron had originally bid $95.4 million when Revel was on the auction block earlier this year. His bid was beat by Brookfield Asset Management, which put forth a bid of $110 million before backing out. Now that he is the only bidder on the property, Straub wants to pay $87 million. Straub has a good chance of being successful with this tactic, as he is currently the only remaining bidder.
Straub asked Bankruptcy Judge Gloria Burns to deduct a $3 million breakup fee he was originally promised, as Revel is keeping Brookfield's $11 million deposit, which was forfeited when the company backed out of the deal.
Casino Listings will update this story as more developments arise.