- Jessica Kourkounis/Getty Images
Atlantic City, N.J.’s Revel Casino Hotel heads to court Monday to protect a newly emerged bidder in the event someone else walks away with Revel’s assets.
A week after shutting down operations, Revel said Wednesday that it found a buyer, Polo North Country Club Inc., which has offered $90 million in cash for substantially all of Revel’s assets. It’s still unclear whether Polo and its principal, Florida real-estate developer Glenn Straub, plan to operate Revel as a casino.
As part of the bid, Revel is asking the U.S. Bankruptcy Court in Camden, N.J., to approve a $3 million breakup fee for Polo if the transaction doesn’t go through. The company is also asking to schedule an auction for Sept. 24, with competing offers due the day prior.