Sale of Atlantic City's former Revel casino expected to be finalized Tuesday

IndustriesAssociated Press

Atlantic City's former Revel casino is about to change hands.

After nearly nine months of wrangling, failed deals and waiting in vain for a higher price, its sale is expected to be finalized on Tuesday.

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The closing of the deal will come a day after a bankruptcy judge formally authorized its sale on the fifth attempt.

Florida developer Glenn Straub's Polo North Country Club is buying the casino, which cost $2.4 billion to build, for $82 million, or about 4 cents on the dollar.

Judge Gloria Burns entered the final sale order Monday morning after verbally approving the deal last week. Straub's attorney, Craig Galle, told The Associated Press the closing will occur on Tuesday.