ATLANTIC CITY, N.J. (CBSNewYork/AP) — A Florida developer trying to buy the former Revel casino in Atlantic City said Tuesday that he was still negotiating with its owner to salvage the sale.
A U.S. Bankruptcy Court judge heard arguments Tuesday on Revel AC’s decision to terminate a deal to sell the casino to developer Glenn Straub for $95.4 million but postponed a ruling until Thursday.
But even after the hearing, Straub continued to negotiate with Revel lawyers in an attempt to save the sale.
“The parties are talking, and talking seriously,” Straub attorney Stuart Moskovitz said.
He would not predict how likely it is that both sides could reach a new deal before Judge Gloria Burns issues her ruling Thursday afternoon, but he added, “It’s certainly a possibility.”
Revel declined to comment after the hearing.
After the hearing had adjourned, Straub met privately with Revel attorneys, as he did after a similar hearing last week.
Revel terminated the sale to Straub after a Feb. 9 deadline to complete it came and went.
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.
In a filing made before Tuesday’s hearing, Revel’s chief restructuring officer, Shaun Martin, said the company had no choice but to terminate the sale and keep Straub’s $10 million deposit because the contract doesn’t allow it to force Straub to close on the deal.
Martin also said during the hearing that liquidating the property is a possibility but not one that Revel AC wants to pursue right now.
Straub’s Polo North Country Club was the runner-up bidder in a bankruptcy court auction last fall for the $2.4 billion casino resort, which closed Sept. 2 after just over two years of operation. But when a Canadian firm’s $110 million deal for the casino fell through, Straub was left as the only remaining buyer.
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 is one of four Atlantic City casinos to go out of business in 2014 as the seaside gambling resort continues to suffer from increasing competition from casinos in neighboring states.
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