Revel Deal Appears to Be Dead

Atlantic City may have to do without a tower of geniuses after all.

A proposed sale of the closed Revel casino to a Florida developer appears to be unraveling to the point where it will die sometime today.

The Press of Atlantic City reports:

A deal to sell Revel Casino Hotel appeared to be unraveling Monday, with an attorney for the would-be buyer warning of months of litigation if Revel makes good on a threat to push the deal through by day’s end.

Revel attorney Michael Viscount said after a court hearing Monday that if a $95.4 million sale didn’t happen Monday, he would file court papers at 12:01 a.m. today for approval to terminate the proposed sale and keep Polo North Country Club’s $10 million deposit.

“We need to come up with Plan C really quickly,” he said.

Viscount said he is not aware if there is another Revel buyer waiting in the wings. And he said Revel’s bankrupt parent, Revel AC, does not have plans to liquidate the property.