Owners: Revel Casino Deal Must Close Or It's Off

UPDATED 02/10/15 12:01

ATLANTIC CITY, N.J. (CBSNewYork/AP) -- The owners of the former Revel casino in Atlantic City said it would cancel a deal to sell it to a Florida developer if the sale did not close by midnight.

It was not immediately learned whether the owners made good on the warning when midnight came around, though a published report said the new owner was expected to miss the deadline.

The buyer, Glenn Straub, said he could not do the deal by midnight to lingering uncertainty over the rights of former businesses who rented space at the casino.

Monday had been the deadline for Revel to be sold to Straub for $95.4 million.

Revel attorney Michael Viscount said the casino would cancel the sale at 12:01 a.m. Tuesday if it hadn't closed, and would keep Straub's $10 million deposit.

Last month, Straub said he planned to open a water park at the Revel site, and also told reporters he planned a high-speed ferry service between the site and New York City.

Revel closed Sept. 2 after little more than two years of operation, never having turned a profit.

The Showboat and Trump Plaza have also shut their doors.

Straub would be the second potential purchaser to have a deal to buy Revel fall through.

A Canadian firm backed out of a $110 million purchase in November.

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