Revel AC Inc. won bankruptcy court approval to sell its shuttered Atlantic City, N.J., casino to the original bidder for $95.4 million, after an earlier sale at a higher price fell apart, Bloomberg News reported yesterday. Bankruptcy Judge Gloria Burns said that she will enter an order authorizing the sale to Florida real estate investor Glenn Straub’s Polo North Country Club Inc. The company and Straub will have 30 days to close the deal once the order is entered. Revel was one of four casinos that closed last year after New Jersey’s gambling center saw its dominance fade amid growing competition from game rooms in neighboring states. Casino revenue in Atlantic City fell more than 40 percent to about $2.8 billion in 2013 from a peak of more than $5 billion in 2006. The company received court approval to scrap a $110 million sale to Brookfield Property Partners LP, the winner at auction. Brookfield walked away from the deal because it couldn’t arrange a cut in its electric bill. The casino owner turned to Straub, who came in second at the auction with a final offer of $95.4 million. The backup plan may not pan out either, as Straub has sought to lower the price.
