A Los Angeles developer involved in numerous downtown projects there has made an 11th-hour bid to buy Atlantic City’s former Revel Casino Hotel.
Izek Shomov has submitted a letter of interest to Revel AC offering to buy the casino for $US80 million.
A bankruptcy court judge is due to rule Wednesday on a proposed sale of Revel to Florida developer Glenn Straub for $US82 million.
According to NJ.com, the Shomof and Pustilnikov say their offer is worth more even though it appears to be $US2 million less.
They are citing a $US10 million deposit by Straub which would take away from the total worth of the deal.
Shomov’s offer was first reported by The Philadelphia Inquirer.
His partner told the newspaper he supports letting business tenants at Revel continue to operate in a re-opened casino. According to NJ.com, Straub wants to cancel existing leases.
Opposition from tenants has been a key obstacle to two previous sales that fell through.
Revel, which cost $US2.4 billion to build, closed in September after little more than two years of operation.
This is another major twist in the tortured history of Revel, which had inked and lost two previous deals to sell it since it shut down. Straub last summer made an initial bid that set a floor for the bankruptcy court auction, at which it was outbid by Toronto-based Brookfield Asset Management.
Brookfield bid $US110 million but bailed out of the deal in November because of the dispute over the power plant debt.
With Brookfield out of the way, Straub’s $US95.4 million bid was the lone remaining offer for Revel, and both sides proceeded with that plan until Straub missed the Feb. 9 deadline to close.
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