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Revel Casino Property Sold

CAMDEN, NJ (CelebrityAccess) — A bankruptcy court judge has approved the sale of the former Revel Casino to a Florida real estate developer for $82 million, about 4 cents on the dollar.

According to the Associated Press, developer Glenn Straub's Polo North Country Club finally sealed the deal on the sale by agreeing to drop a requirement that the sale be "free and clear of encumbrances" such as tenant leases.

Tenant leases at the casino property scuttled several previous bids to acquire the former Revel. The Associated Press reported that Judge Gloria Burns did not address the tenant issues in the latest decision, saying they should be resolved with the new landlord.

Straub is also reportedly in final negotiations to buy several additional former casino properties in Atlantic City as a part of a structured deal with more than $500 million.

The Revel, which closed more than $2.4 billion to build, closed in 2014 after being open for only 2 years. – Staff Writers