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 U.S. District Court Judge Jerome B. Simandle ordered an emergency
hearing for 3 p.m. in the proposed sale of the property to Florida
developer Glen Straub, who could lose his $10 million deposit if the
deal does not close by Monday's deadline.
Straub is trying to buy the casino without any obligations to leases
held by bars, clubs and restaurants that operated in the casino’s
hotel. Some of those tenants have gone to court to block the deal
unless it protects their property rights.
An appeals court on Friday ruled in favor of one of the tenants,
prompting others to file motions on Saturday to get similar
treatment. Simandle ruled in their favor in setting the hearing for
Monday.
 Revel, which cost $2.4 billion to build and opened two years ago,
closed on Sept. 2 after filing for bankruptcy three months earlier.
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Revel had been conceived as a Las Vegas-style resort that emphasized
high-end dining and eye-catching design. But the casino failed to
catch on in Atlantic City's fading gambling industry, which has seen
other casinos shut down as competition emerges from newer properties
in nearby states.
Straub's lawyer has threatened to back out of the deal if it doesn't
go forward as specified. If the sale falls through, the casino could
face liquidation.
(Reporting by Kevin Murphy in Kansas City; Editing by Eric Walsh)
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