The sale of the bankrupt Revel Casino in Atlantic City took another turn this week as Bankruptcy Judge Gloria Burns said that the original big by developer Glenn Straub should stand, despite his attempt to lower the price by several million dollars.
Straub's original bid of $95.4 million for the casino was a losing bid, but ended up coming out as a winner once the original winner's deal fell through. That firm's $11 million cancellation fee was a source of contention for Straub, who felt that a portion of the money should be taken off his purchase price.
Despite the denial of the lower price, Burns did issue a sale order for Straub, giving him 30 days to close the deal. For his part Straub said that he is considering his options, including potentially appealing the sale order.
Casino Listings will update this story as more developments arise.