New Jersey's shuttered Revel Casino yesterday asked a federal judge to lift a stay on its pending sale to a Florida investor, arguing in a filing that creditors will be harmed if the deal does not go through soon, Reuters reported yesterday. IDEA Boardwalk LLC, which operated a bar and a nightclub at Revel — one of four Atlantic City casinos that closed down last year — has sued to block the sale, saying that it will lose $16 million in investments under the deal. On Friday, U.S. Circuit Court Judge Thomas Ambro ordered the sale delayed while he studies legal challenges. Revel Casino said in its filing yesterday that the deal must close by Feb. 9 or it could collapse. That would be "catastrophic," the filing said, because it would destroy $100 million of creditor value, based on the sale price plus additional costs to liquidate assets.
