Judge OKs auction for closed $2.4B Revel casino

AP News
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Posted: Sep 15, 2014 4:27 PM

CAMDEN, N.J. (AP) — A bankruptcy court judge has approved a Sept. 24 auction for the closed $2.4 billion Revel Casino Hotel in Atlantic City.

Judge Gloria Burns approved the auction date Monday after a $90 million cash bid from a Florida developer was made public last week.

An attorney for Glenn Straub says parts of the building could reopen a couple of weeks after the sale. Burns also approved a $3 million breakup fee that Straub would be paid if the sale to him doesn't go through.

Straub told reporters that a casino will likely operate in the building at some point. His bid doesn't include a requirement that his company be licensed to run a casino.

Revel attorney John Cunningham says no other qualified bids had been received as of Monday morning.