Hearing set for April 2 in latest attempt to sell Atlantic City's former Revel casino

A bankruptcy court judge will consider yet again an attempt by the owners of Atlantic City's former Revel casino to sell it to a Florida developer.

Judge Gloria Burns has set an April 2 hearing date for Revel AC's latest request to sell the casino to Florida developer Glenn Straub's Polo North Country Club for $82 million.

The judge ruled earlier this month she did not have jurisdiction to approve the sale because it had changed substantially from an earlier deal she had OK'd.

The parties are now asking the judge to treat the proposal as a new sale request, with a full hearing on the many objections former tenants and creditors have raised. It's not clear if a decision will be issued that day.

Former business tenants at the casino, including restaurants, two nightclubs and the building's sole supplier of heat, air conditioning, hot water and electricity have lodged numerous objections and appeals of the proposed sale to Straub.

The prior contract specified that Straub would have to close the deal by Mar. 31. The new agreement allows the deal to close the day after the court approves the sale, as long as that happens by April 7.

Revel AC told the court on Friday it has no other buyer for the casino, despite an additional three weeks to solicit new bids.


Wayne Parry can be reached at http://twitter.com/WayneParryAC