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Judge OKs Sale of Revel Casino to Florida Developer

Judge OKs Sale of Revel Casino to Florida Developer
Posted at 5:14 PM, Apr 02, 2015
and last updated 2015-04-02 17:14:00-04

CAMDEN, N.J. (AP) — A bankruptcy court judge has finally approved the sale of Atlantic City's former Revel casino to a Florida developer.

Judge Gloria Burns approved the deal, which did not address the rights of former business tenants at the casino to operate there when it reopens.

She says the issue of whether tenants can remain there should be worked out with the buyer, Glenn Straub, outside of bankruptcy court.

Thursday's approval came on the fifth attempt to sell Revel.

Straub's Polo North Country Club is buying the casino, which cost $2.4 billion to build, for $82 million.

He has proposed a vast array of uses for the property, including a scaled-down casino, hotel, condos, a water park, and a "genius academy" where the world's top minds would tackle society's biggest problems.