Judge: New Revel owner can cancel tenant leases
(AP) - A judge will allow the new owner of Atlantic City's former Revel casino to terminate the leases of former business tenants there.
Monday's decision by U.S. Bankruptcy Court Judge Gloria Burns frees Glenn Straub to either renegotiate new leases with the former tenants, including restaurants and nightclubs, or seek new firms to rent space once the facility reopens.
Straub's Polo North Country Club bought Revel for $82 million on April 7.
Its sole source of utility service cut off power two days later because both sides could not reach agreement on a deal for future service there.
Wells Fargo, Revel's main lender, has offered $300,000 to restore power for two weeks.
Straub's lawyer Stuart Moskovitz says no decision has yet been made on that offer.