Revel Sold For $110M; Buyers Plan To Reopen It As A Casino
By David Madden
ATLANTIC CITY, N.J. (CBS) -- A Canadian firm could soon be the new owner of the closed Revel Hotel and Casino, in Atlantic City, once a federal bankruptcy judge in Camden approves the sale.
A $110-million bid from Brookfield Asset Management for the 2.4-billion-dollar facility will be submitted to the court for approval, along with a backup bid of $95.4 million from Florida developer Glenn Straub.
There were suggestions that Straub might challenge the deal in court. A hearing is scheduled for next week.
Brookfield Asset Management already owns the Hard Rock Casino in Las Vegas, and the Atlantis in the Bahamas. The company told the AP it would seek a casino license in Atlantic City.
Revel closed on September 2nd after just over two years of operation, one of four Atlantic City casinos to go out of business this year.
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