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The Price is Still Being Debated on Revel Casino
- January 5, 2015 By Samantha A. -
We already knew that the Revel casino went bankrupt and closed their doors last year. However, the person that won the casino in the auction cannot hold it because of their illegal, criminal past so the person that is going to win it is now the next one in line. They were the one that put the next lowest bid down below the first bidder that can no longer hold the title to the Revel casino.
What is the Problem
The problem the judge is currently having though, is how much to let the casino go for. This backup bidder offered up $95 million to pay for the casino, but the highest bidder was at $110 million, giving the bank more money in the long run. This is now up for debate on whether they are going to get their bid, have to pay the higher amount or perhaps meet somewhere in the middle when it comes to getting the casino and being able to use it.
Not everyone is excited about this change, especially not the original bidder that won. In addition, the runner up bidder is asking that they get an even lower price than what they offered because of the fact that it did not go through and this is somewhat of an inconvenience and so on. This is something that a judge is going to have to decide.
Once the judge comes to a conclusion, they will be able to let everyone else know more about the decision that is made. As for the winner of the casino, they are able to turn that spot into anything that they would like. Once they purchase the land, the building and everything that goes with it, it is then theirs to hold onto. Right now, they state that everything is up for negotiation and that they will work out the details amongst themselves when the time comes. This is the real way to settle things and they will make sure that they are completely settled with due time. As for now, we all have to wait to find out even more information on the subject and what exactly is being done to the space.
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