ATLANTIC CITY, NJ—Revel AC Inc. the parent company of Revel Entertainment Group, LLC, the owner of the bankrupt and shuttered Revel Casino Hotel, reports that Brookfield US Holdings, LLC is the successful bidder for substantially all of its assets at $110 million.
The company in an announcement released this morning, states, “The company and its advisors determined that Brookfield's bid was the highest and best bid received during the company's auction process.” Auction proceedings were held late last month and again yesterday.
Revel named Florida entrepreneur Glenn Straub's Polo North Country Club Inc.'s $95.4-million bid as the backup bidder. Straub is due a $3-million fee if his bid is not successful.
Revel says it intends to move forward promptly with a hearing before the United States Bankruptcy Court for the District of New Jersey to seek approval of the sale. The sale hearing is scheduled for Oct. 7 at 10:00 a.m.
Late on Tuesday, representatives of Straub stated in published reports that they believed Polo North's more than $95-million bid was the highest bid for the property that cost more than $2.4 billion to build. Straub's bid also included a provision to rehire 90 percent of the former Revel workforce.
The Revel Casino Hotel closed on Sept. 2.
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