Revel To Go To Auction on September 24th

Glenn Straub, the Florida investor who wants to buy Revel for $90 million cash, appears to be inching closer to owning the closed casino.

Earlier today, a  bankruptcy court judge approved an auction for the property on September 24th. A lawyer for Straub says that parts of the building could reopen shortly after the sale and it's likely that there will be a casino there at some point. The judge also approved a $3 million break-up fee that will be paid to Straub if the sale doesn't go through, which was a recent sticking point with a trustee. Revel attorney John Cunningham says no other qualified bids have been received.