The Florida-based company who is set to take over the bankrupt Revel Casino in Atlantic City, has filed a complaint about the way that the auction was hosted for the property and told to the press that he is expecting a $8 million discount on the final price for such.
The lawyers for Glenn Straub informed the press that they believe that the price for the property would have ended on $87 million if it hadn’t been for the running-up bid from Polo North Country Club, making the final price $95.4 million instead.
The dispute comes from the fact that Glenn Straub was not informed properly about which other bidders there was in the auction. If he had been aware of the other bidders, he wouldn’t have placed a bid higher than $90 million, but instead he ended up paying much more.
The Revel Casino is one of four casinos closed down in 2014 in Atlantic City, costing a massive $2.4 billion to build just a few years ago. The casino industry in Atlantic City has been going downwards for many years and more and more casinos has closed down, with more expected to do so in the future.