Advisors to the shuttered Revel Casino Hotel in Atlantic City, New Jersey, failed to get approval yesterday for an agreement to sell the hotel for $82 million and were told by Bankruptcy Judge Gloria Burns to look for a better price, Reuters reported yesterday. The decision by Judge Burns could open the door for a Los Angeles developer, Izek Shomof, whose attorney told yesterday’s court hearing he could offer more money. The ocean-front Revel has already lost two deals in the last six months, with the price dropping from $110 million to the current price. The massive hotel cost $2.4 billion to open in 2012. Revel had asked Judge Burns to approve the sale agreement with Florida developer Glenn Straub, who had failed to close a prior sale agreement. The current agreement required Straub to close the deal by March 31.
