Expert Discusses If Third Time Could Be A Charm For Selling Revel Casino
By David Madden
ATLANTIC CITY, NJ (CBS) -- In the ongoing drama that is the fate of the shuttered Revel Casino, a bankruptcy judge could well throw out a second deal to sell the place next week. Could the third time be the charm? An expert spoke about prospects for a successful sale at this point.
Between the legal wrangling over tenants and a power plant, not to mention the mounting cost of delays, the Revel's not an asset anymore, it's a problem in need of repair.
Stockton College of New Jersey gaming expert Israel Posner suggests Florida developer Glenn Straub, whose 95 million dollar bid is hanging by a legal thread, could still be a player if that bid is dismissed. After all, there's round three.
"He's spending a lot of time and money just flying back and forth, not to mention the attorneys. So obviously he's interested but he's interested basically if the terms are right."
Then again, so would other potential suitors. The challenge here is balancing the various interests so a buyer knows what they're getting going in, which has been Straub's argument all along.