{"id":485,"date":"2014-12-29T15:51:51","date_gmt":"2014-12-29T15:51:51","guid":{"rendered":"http:\/\/www.top10casinowebsites.net\/?p=275"},"modified":"2014-12-29T15:51:51","modified_gmt":"2014-12-29T15:51:51","slug":"revel-casino-hotel-to-get-new-owner-if-court-approves-8-million-discount","status":"publish","type":"post","link":"https:\/\/www.top10casinowebsites.net\/news\/revel-casino-hotel-to-get-new-owner-if-court-approves-8-million-discount\/","title":{"rendered":"Revel Casino Hotel To Get New Owner If Court Approves $8 Million Discount"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.top10casinowebsites.net\/wp-content\/uploads\/2014\/12\/revel-casino-hotel.jpg\" alt=\"Revel Casino Hotel\" width=\"300\" class=\"alignleft size-full wp-image-276\" \/><a href=\"http:\/\/en.wikipedia.org\/wiki\/Revel_Atlantic_City\">The Revel Casino Hotel<\/a> in Atlantic City cost approximately <strong>$2.4 billion dollars<\/strong> and went live in April 2012. The casino owners believed that the new casino would provided a much needed boost to Atlantic City\u2019s declining casino industry and expected the Revel to be one of the biggest players in the New Jersey market.<\/p>\n<p>That did not happen and the casino was unable to make a profit and found it extremely difficult to manage operations with limited cashflow. The sluggish Atlantic City market did not provide much hope to the casino owners and they filed for bankruptcy twice and eventually shutdown the casino in September 2015. <\/p>\n<p>The Revel was one among the four casinos that shutdown in Atlantic City during 2014. State officials and casino owners have been looking to sell these properties but have faced a number of challenges in finding buyers. The Revel was initially sold at an auction to <strong>Brookfield Asset Management<\/strong>, a company based in Toronto, Canada for $110 million but the deal did not go through successfully as the buyer was unable to settle a debt dispute due to Rebel\u2019s expensive power plant.<\/p>\n<p>The casino was then purchased for $95.4 million by <strong>Glenn Straub<\/strong> at an auction after he put up his Polo North Country Club. However, this deal could also fall through as Straub\u2019s lawyers have filed a complaint in Atlantic City for an $8 million dollar discount saying that the auction was not conducted fairly as his side was unaware of the other bidder. Straub\u2019s lawyers say that if Straub\u2019s team was aware of the \u201c<em>significant and numerous improprieties<\/em>\u201d during the auction they would never had bid more than $90 million. <\/p>\n<p>Straub plans to develop the Revel casino and turn it into a genius academy where it would serve as a meeting place for some of the best minds in the world. Straub wants to encourage and fund an academy where geniuses can share ideas, creativity and solutions to the society\u2019s biggest challenges.<\/p>\n<p><strong>Judge Gloria Burns<\/strong> was also petitioned by Straub\u2019s lawyers to deduct $3 million which is the breakup fee that Straub was promised. Straub does not want to pay this amount as Revel is still holding on to the $11 million deposit that was paid by <a href=\"http:\/\/www.brookfield.com\/\">Brookfield Asset Management<\/a>. The petition urged Judge Burns to put the Revel casino up for auction again if it was determined that <\/p>\n<blockquote><p>the auction process was deficient to the extent the auction significantly and adversely affected<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The Revel Casino Hotel in Atlantic City cost approximately $2.4 billion dollars and went live in April 2012. The casino owners believed that the new casino would provided a much needed boost to Atlantic City\u2019s declining casino industry and expected the Revel to be one of the biggest players in the New Jersey market. That [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":947,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Revel Casino Hotel To Get New Owner If Court Approves $8 Million Discount<\/title>\n<meta name=\"description\" content=\"The Revel Casino Hotel in Atlantic City cost approximately $2.4 billion dollars and went live in April 2012. The casino owners believed that the new casino\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.top10casinowebsites.net\/news\/revel-casino-hotel-to-get-new-owner-if-court-approves-8-million-discount\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revel Casino Hotel To Get New Owner If Court Approves $8 Million Discount\" \/>\n<meta property=\"og:description\" content=\"The Revel Casino Hotel in Atlantic City cost approximately $2.4 billion dollars and went live in April 2012. The casino owners believed that the new casino\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.top10casinowebsites.net\/news\/revel-casino-hotel-to-get-new-owner-if-court-approves-8-million-discount\/\" \/>\n<meta property=\"og:site_name\" content=\"Top 10 Casino Websites\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Top10casinowebsiteslist\" \/>\n<meta property=\"article:published_time\" content=\"2014-12-29T15:51:51+00:00\" \/>\n<meta name=\"author\" content=\"Paul Butcher\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Paul Butcher\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/revel-casino-hotel-to-get-new-owner-if-court-approves-8-million-discount\/\",\"url\":\"https:\/\/www.top10casinowebsites.net\/news\/revel-casino-hotel-to-get-new-owner-if-court-approves-8-million-discount\/\",\"name\":\"Revel Casino Hotel To Get New Owner If Court Approves $8 Million Discount\",\"isPartOf\":{\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/revel-casino-hotel-to-get-new-owner-if-court-approves-8-million-discount\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/revel-casino-hotel-to-get-new-owner-if-court-approves-8-million-discount\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2014-12-29T15:51:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.top10casinowebsites.net\/news\/#\/schema\/person\/49e3378d32707593af9469c03ba550ec\"},\"description\":\"The Revel Casino Hotel in Atlantic City cost approximately $2.4 billion dollars and went live in April 2012. 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