Sources: Meeting Scheduled In Effort To Revive Revel Deal

By David Madden

ATLANTIC CITY, N.J., (CBS) — Earlier this week, a Toronto-based financial firm pulled out of a $110 million deal to buy the padlocked Revel Hotel Casino.

But now there appear to be efforts to revive the accord.

Sources tell KYW Newsradio a meeting will be held Monday in New York City, hosted by Revel bankruptcy attorneys, in the hope of getting the accord with Brookfield Asset Management back on track. There’s no guarantee Brookfield will attend the session, and a spokeswoman for the company declined comment when asked about it.

The deal died when Brookfield failed to get an agreement with Revel’s electricity provider to cut costs. Assuming Brookfield does not get back in the game, attention then turns to Florida developer Glenn Straub, who has indicated he’s still interested in acquiring the Revel.
 

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