Last week, a federal judge gave Revel AC, owner of the shuttered Revel Casino-Hotel in Atlantic City, NJ, approval to cancel a proposed deal to sell the resort to Florida developer Glenn Straub and his company, Polo North. However, the deal might not be dead just yet, according to The Press of Atlantic City
, which reported
on Friday that negotiations between Straub and Revel continue.
"No game ends in the first quarter," Straub's attorney, Stuart Moskovitz, told the paper. "We're still negotiating. We never stopped negotiations."
Straub is Revel's second potential buyer since September, when the resort closed following two bankruptcies. Citing court battles involving Revel's tenants, which he said created uncertainty around the transaction, he missed a contractual deadline
earlier this month, requesting additional time to conduct further due diligence. Revel AC refused him the additional time, however, promising to walk away from the $95.4 million deal if Straub did not comply with the transaction's original timeline. He did not, paving the way for last week's court ruling officially terminating the sale per Revel AC's request.
The deal was killed. Whether it stays dead, however, remains to be seen.
"The [court] order doesn't stop us from negotiating," Moskovitz told The Press of Atlantic City
. "We would like to get [a deal] done as soon as possible."