Federal Bankruptcy Judge Gloria Burns has allowed the owners of the Revel Atlantic City Casino building to back out of a deal with Florida developer Glenn Straub after a sale was not completed within a set deadline.
The cancellation of a sale is the second for Revel, which entered into bankruptcy shortly after opening their billion dollar boardwalk casino in 2012. Straub had placed a bid of $95.4 million on the building, paying a $10 million deposit, but failed to come to a deal on the February 9th deadline due to the fact that he had disputes over remaining debt with the owners. He had asked for an extension of talks until February 28th.
Burns denied that extension, but ruled that the $10 million deposit was to remain in escrow while appeals played out.
Commenting on the ruling Judge Burns said, "The history of this case is long and tortured."
Straub is actually the second bidder to have a deal fall through with Revel. A Canadian development firm put in a higher bid, but also failed to come to an agreement. They lost a $11 million deposit with Revel's owners.