Atlantic City’s Revel Casino Hotel yesterday asked a bankruptcy judge for more breathing room in a bid to move forward with a sale after the judge said she couldn’t sign off on a heavily discounted $82 million deal to Glenn Straub, a Florida-based developer, the Wall Street Journal reported today. The judge’s decision has left the $2.4 billion resort without a clear path toward resolving its financial woes, even as millions of dollars in legal and operational expenses continue to mount. During a hearing yesterday, John Cunningham, a lawyer for Revel, mentioned several paths Revel could take, but each comes with its own set of difficult complications. One option is for Straub to buy the casino under an earlier, court-approved $95 million deal stemming from a bankruptcy auction last year, but that appears increasingly unlikely. “I’m not going to pay the 95.4,” Straub said, referring to his original $95.4 million offer. The Florida property developer failed to meet a Feb. 9 deadline to close the $95.4 million sale, after a string of 11th-hour appeals from the resort’s former tenants and other creditors muddied the terms of the deal.
