A federal bankruptcy judge on Friday said that she is denying the sale of Revel casino in Atlantic City to Florida real estate developer Glenn Staub because she doesn’t have jurisdiction, according to the Associated Press.
It’s the third time a supposedly done deal for someone to acquire the bankrupt casino has fallen through at close to the last minute. The judge called the Revel situation “tortured.”
An attorney for Revel asked her to reconsider and she said should would think about it.
Staub’s deal to buy Revel was supposed to close by Mar. 31. He had already paid the $82 million, which was actually a lower price tag than originally discussed between the two parties. Staub said he was concerned about the casino’s previous business deals that remain intact. He has flirted with plans to drastically alter the casino.
The deal was further complicated by a new bidder emerging earlier this month.
The future of the $2.4 billion casino remains in limbo, which is bad because the longer this situation drags on the more unlikely it will be for the property to be open in the summer.
