Revel AC Inc. failed in its third attempt to sell its bankrupt casino, opening the door for other potential bidders for the Atlantic City, N.J., resort, Bloomberg News reported yesterday. After months of false starts, Revel finally reached an $82 million deal with Florida real estate investor Glenn Straub’s Polo North Country Club Inc. Bankruptcy Judge Gloria Burns shot down that sale at a Friday hearing in Camden, N.J., saying that she can’t approve it because an earlier version of the deal is still being weighed by another court. After opening at a cost of $2.4 billion in 2012, Revel sought bankruptcy protection in June for the second time in as many years. It closed in September after failing to draw interest for a quick sale. The casino was one of four in Atlantic City to fold last year as competition from surrounding states lured away customers. The bankrupt casino owner originally had a $110 million deal with Toronto-based Brookfield Property Partners LP, but Brookfield walked away after failing to come to terms over energy payments. Straub, who had been the lead bidder at auction, stepped back in to scoop up the property but failed to close the $95.4 million sale by a Feb. 9 deadline. Revel moved to terminate the deal after the closing date lapsed.
