CAMDEN, N.J. – A consultant vetting bids for Atlantic City's former Revel casino says that although 18 potential buyers have expressed interest, Florida developer Glenn Straub is the only one who has made a qualified offer.
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Ramy Ibrahim of Moelis & Company says only Straub's Polo North Country Club has made a firm offer for Revel — and put up the money to pay for it.
Revel's chief restructuring officer Shaun Martin agreed that Straub is the only real bidder and urged a bankruptcy court judge on Thursday to approve the $82 million sale.
A lawyer for one potential purchaser, Howard Milstein of New York and Carl Goldberg of New Jersey, told the court they plan an $88 million bid for Revel, but have not yet signed a contract.