A federal judge in New Jersey yesterday called a temporary halt to the pending sale of bankrupt Revel Casino in Atlantic City and scheduled a hearing today on a motion to block some of the terms of the $94.5 million deal, Reuters reported today. U.S. District Court Judge Jerome B. Simandle ordered an emergency hearing in the proposed sale of the property to Florida developer Glen Straub, who could lose his $10 million deposit if the deal does not close by Monday's deadline. Straub is trying to buy the casino without any obligations to leases held by bars, clubs and restaurants that operated in the casino's hotel. Some of those tenants have gone to court to block the deal unless it protects their property rights. An appeals court on Friday ruled in favor of one of the tenants, prompting others to file motions on Saturday to get similar treatment. Judge Simandle ruled in their favor in setting the hearing for Monday. Revel, which cost $2.4 billion to build and opened two years ago, closed on Sept. 2 after filing for bankruptcy three months earlier.
