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Proposed $82M Revel casino sale back in court

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Proposed $82M Revel casino sale back in court

CAMDEN -- Questions about whether a federal bankruptcy court judge has the authority to approve the latest sale of the vacant Revel Casino Hotel stalled plans to move today forward with the deal.

U.S. Bankruptcy Judge Gloria M. Burns today said she had to determine whether she had jurisdiction to approve the amended sale because of a pending appeal of a ruling on a previous sale agreement by former tenants of the boardwalk casino. Burns said the competing agendas in this case make it difficult to get through the court.

"Each group has different views about what should happen in this case," she said. "Without some way to consistency and agreement among the parties it's just hard to make it work."

Florida developer Glenn Straub last month struck a deal to buy the property for the discounted price of $82 million, just days after Burns approved Revel AC's request to kill the sale for $95.4 million.

Burns last week postponed ruling on the new sale as other potential buyers expressed interest in the property, saying more time was needed to see if a better offer was available.

A Revel lawyer said nobody else has yet put money on the table.

"We still have no definitive agreements or any deposits from any other bidder," said Revel attorney John Cunningham.  

An attorney for one of the potential buyers said his client, Los Angeles-based DTLA Development Group, was still interested. 

Burns said she expected to issue a ruling on the proposed sale during a teleconference call on Friday morning. 

The Revel, which cost to $2.4 billion to build, closed in September after twice filing for bankruptcy.

Erin O'Neill may be reached at This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Follow her on Twitter @LedgerErin. Find NJ.com on Facebook.

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