CAMDEN, NJ—A federal judge on Tuesday approved the $110-million sale of the Revel Casino Hotel to Brookfield US Holdings LLC of Toronto.
Runner-up bidder Glen Straub who had tried to have a new auction held for the more than $2-billion Atlantic City, NJ-casino, vowed to appeal the judge's approval.
Revel attorney John Cunningham says that the sale to Brookfield, which plans to operate Revel as a casino, will close in about 60 days, according to the Press of Atlantic City. Brookfield owns the Atlantis resort in the Bahamas and Hard Rock Las Vegas.
Straub reportedly visited another Atlantic City resort after the proceedings. Dennis Del Vecchio, COO of Renault Winery, says that Straub toured the property. “He did come here and he did show an interest in investing in the property,” Del Vecchio says. “It was an interesting conversation.” See story in the Press of Atlantic City.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.