Judge rejects sale of Atlantic City's former Revel casino to Florida developer for $82M

IndustriesAssociated Press

A bankruptcy judge has denied the sale of Atlantic City's former Revel casino to a Florida developer for $82 million.

Judge Gloria Burns said Friday she lacks jurisdiction to approve the purchase by Glenn Straub's Polo North Country Club.

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The judge says many aspects of the sale remain on appeal.

A loophole in the deal would have left the door open for owners Revel AC to accept a higher bid if one materializes before the March 31 scheduled closing date.

Nineteen other would-be purchasers have expressed interest in Revel, but only Straub put any money up.

Revel closed in September after just over two years of operation during which it never turned a profit.

The casino cost $2.4 billion to build.