L.A. developer makes offer to buy Revel – pressofAtlanticCity.com: News

A Los Angeles developer wants to buy Revel Casino Hotel.

Developer Izek Shomof made an offer shortly after a U.S. Bankruptcy Court judge let Revel terminate a $95.4 million sale to Florida developer Glenn Straub on Feb. 19, according to court papers filed late Monday. Leo Pustilnikov, a partner of Shomof, told The Philadelphia Inquirer that offer is worth $80 million.

Pustilnikov said in the report that their offer is effectively $8 million more than Straub’s current price of $82 million because that includes a $10 million deposit that was forfeited when Straub failed to complete a deal by a Feb. 9 deadline. That makes Straub’s deal worth $72 million.

via L.A. developer makes offer to buy Revel – pressofAtlanticCity.com: News.

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