After a roller coaster ride that saw multiple deals fall through, it appears that Florida businessman Glenn Straub's acquisition of the bankrupt Revel Casino in Atlantic City has gone official following a court ruling.
Federal Bankruptcy Judge Gloria Burns decided to let the sale of the Revel Casino go through to Straud after he dropped his demand that the sale go "free and clear of encumbrances" like the tenants' leases. Burns said that Straub should resolve the issue outside of court.
The deal will be made official on Monday when Burns signs the court order. Straub is reportedly set to invest $150 million to reopen the casino, which closed its doors just two years after it opened its doors at a cost of $2.4 billion. He reportedly also plans to purchase other flailing Atlantic City casinos in order to revive the struggling city.
Prior to the completed deal, Revel had been tentatively purchased by Brookfield Asset Management for $110 million, but the deal couldn't be completed, allowing Straub's initial bid of $95 million to be accepted. That deal also fell through, although Straub was able to continue negotiating to get a different deal completed.