Revel now hoping for deal with auction runner-up

Joshua Burd//December 10, 2014//

Revel now hoping for deal with auction runner-up

Joshua Burd//December 10, 2014//

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The shuttered Revel Casino Hotel has asked a judge to terminate its agreement to be acquired by Brookfield US Holdings LLC, with hopes now of striking a new deal with the losing bidder in the Atlantic City operator’s recent bankruptcy auction.RELATED: Judge approves Revel’s $110M sale to Canadian company

In an emergency motion filed Tuesday night in federal bankruptcy court, Revel AC Inc. is seeking approval to end the existing deal and move forward with Florida developer Glenn Straub. A hearing is now scheduled for Friday morning before Judge Gloria Burns in Camden.

The move comes after Brookfield, which won the right to buy the glitzy 47-story casino for $110 million in October, announced last month that it was backing out of the deal. At the time, a Brookfield representative said the decision was fueled by disagreements with bondholders controlling debt over matters pertaining to Revel’s power plant.

RELATED: Revel buyer backing out of deal, report says

It was a blow to Atlantic City and the 2-year-old failed casino, which cost $2.4 billion to build but closed in September after failing to turn a profit.

As the Brookfield deal began to fall apart last month, reports said Straub was still interested in the property. Straub, whose final bid came in at $95.4 million during the auction, had appealed the decision to give the property to Brookfield and was largely critical of the process.


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