Revel AC Inc. urged a judge to let it scrap the second attempted sale of its bankrupt Atlantic City, N.J., casino and try for a third time to find a buyer, Bloomberg News reported yesterday. The current proposed buyer, Florida real estate investor Glenn Straub’s Polo North Country Club Inc., has no intention of going through with the deal and Revel needs to find another suitor, the casino’s lawyers told Bankruptcy Judge Gloria Burns. Revel, which opened in April 2012 at a cost of $2.4 billion, filed for bankruptcy in June and closed in September as Atlantic City lost business to competitors in neighboring states. Brookfield Property Partners LP, which won a bankruptcy auction for the assets with a $110 million offer last year, walked away, leaving Polo North as the only suitor. Revel has argued it should be allowed to cancel the $95.4 million deal with Straub after a Feb. 9 deadline lapsed without a closing. Revel is also seeking to keep Polo North’s $10 million deposit. Polo North has said that it couldn’t go through with the sale before learning whether existing tenants would be allowed to stay. Judge Burns said that she will rule by Thursday after reviewing court documents and considering arguments raised at the hearing.
