'Sometimes we were more optimistic than others. 'I always believed it was going to sell, and I was 75 percent sure it was going to be to us,' said attorney Stuart Moskovitz, who represented Straub as he pursued the casino in bankruptcy court. Straub paid about 4 cents on the dollar for the casino it was one of four of the city's 12 casinos to go out of business last year, eliminating a combined 8,000 jobs. The deal was finalized after four prior attempts to sell it fell through. Straub paid $82 million for the casino, which cost $2.4 billion to build and operated for just over two years without ever turning a profit. His lawyer, Craig Galle, told The Associated Press the deal closed shortly after noon. Revel's sale to Glenn Straub's Polo North Country Club was completed Tuesday after a complicated and torturous effort to find a new owner for the shuttered casino. Revel, the multibillion-dollar resort bust that was once widely viewed as the potential savior of Atlantic City's struggling casino industry, is getting a second chance as part of a Florida developer's ambitious plan to remake the East Coast gambling resort into a destination for bettors and tourists alike. After nearly nine months of wrangling, failed deals and waiting in vain for a higher price, the sale of Atlantic City's former Revel casino is expected to be finalized.ĪTLANTIC CITY, N.J.
