Revel's closure was a body blow for New Jersey's struggling seaside city. The casino was hailed as the future of Atlantic City when it opened, but after two bankruptcies the owner, Revel AC Inc, has struggled to find potential buyers that met various criteria. Bankruptcy Court early on Monday to state their intent to bid. "This is the first time in this case there seems to be a buzz going on," she said of the apparent bidding interest.īurns was told that another unidentified party contacted the U.S. 2, Burns said she welcomed the burst of interest in the two-year-old complex. Still, given that the casino had postponed two previously scheduled auctions for a lack of bids and finally closed on Sept. The hearing was marked by threats of litigation if the auction was postponed, complaints that Straub was being secretive about his plans for the massive complex and the appearance of a potential competing bidder. The auction was set for two weeks after Straub's proposal was made public, and creditors complained potential buyers could use more time to put together competing bids Revel also got approval to pay Straub a $3 million break-up fee if his is not the winning bid at the auction.
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