Deal for Revel hotel to be scrapped as deadline passes

The owners of Atlantic City's Revel Casino Hotel say they will cancel a deal to sell it to a Florida developer after the passing of a Tuesday deadline, the AP reports. The collapse of the Straub deal would mark the second time in the last three months a buyer has been unable to complete a purchase of the casino, which cost $2.4 billion to build.

Revel AC originally said it planned to scrap a deal to sell the shuttered casino to Glenn Straub for $95.4 million at 12:01 a.m., just after the midnight deadline for the sale had passed. But a Revel attorney told the AP moments after the deadline had passed that the termination notice, in the form of a request to a bankruptcy court judge to let it cancel the deal, will be filed sometime during business hours Tuesday morning.

The hotel never turned a profit, and closed on Sept. 2, 2014 after just over two years of operation. In November, Toronto-based Brookfield Asset Management pulled out of a deal to buy Revel for $110 million.

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