Atlantic City waterpark deal hanging by a thread after complications arise
by Tom Anstey | 10 Feb 2015
The casino originally cost US$2.4bn
Plans to build a mega resort centred around a giant waterpark on the site of a former US$2.4bn (€2bn, £1.6bn) casino have hit a major stumbling block after the lawyer representing the buyer of the bankrupt Revel Casino in Atlantic City said his client would miss a midnight 16 February deadline to complete the purchase.
Florida-based real-estate developer Glenn Straub wanted to buy the Revel Casino for US$94.5m (€81.5m, £62.3m), after a US Bankruptcy Court judge approved the sale. As part of that sale, Straub was looking for no obligation to existing leases held by the bars, clubs and restaurants that operated inside the hotel, according to court papers.
But under a stay of the sale issued by district judge Jerome Simandle, it is not clear if those businesses are included in the purchase price from Straub.
“We're not closing by midnight tonight. That I can guarantee," said Stuart Moskovitz, Straub's attorney.
Michael Viscount, a representative for Revel told reporters at a court hearing that there were “no contingencies” for the sale going forward and that the casino needed to “come up with Plan C really quickly.”
If the waterpark plans go through, the attraction will combine family-friendly amenities with some small adult gambling areas in the form of the rebranded Revel. The waterpark will be built at a cost of US$108m (€93.1m, £71.2m) and will be both inside and out to create a year-round prospect.
Plans to build a mega resort centred around a giant waterpark on the site of a former US$2.4bn (€2bn, £1.6bn) casino have hit a major stumbling block after the lawyer representing the buyer of the bankrupt Revel Casino in Atlantic City said his client would miss a midnight 16 February deadline to complete the purchase. Florida-based real-estate developer Glenn Straub wanted to buy the Revel Casino for US$94.5m (€81.5m, £62.3m),
TAW,VAT
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