Judge enters sale order for Revel; deal to close Tuesday

AP News
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Posted: Apr 06, 2015 5:26 PM

ATLANTIC CITY, N.J. (AP) — The prolonged sale of Atlantic City's former Revel casino is expected to be finalized on Tuesday, a day after a bankruptcy judge formally authorized its sale on the fifth attempt.

Florida developer Glenn Straub's Polo North Country Club is buying the casino, which cost $2.4 billion to build, for $82 million, or about 4 cents on the dollar.

Judge Gloria Burns entered the final sale order Monday morning after verbally approving the deal last week.

Straub's attorney, Craig Galle, says the deal will be finalized on Tuesday, which the contract allows.

Straub also bought Atlantic City's Showboat casino on Friday and unveiled an ambitious $500 million development plan for the gambling resort called The Phoenix Project.