ATLANTIC CITY, NJ—Attorneys for the Revel Casino Hotel will seek court approval on Friday in Camden, NJ to terminate its sale agreement with Brookfield US Holdings LLC so that it can pursue a deal with the second low bidder for the troubled gaming property.
Revel in a filing in federal bankruptcy court on Tuesday asked Judge Gloria Burns for permission to terminate its deal with Brookfield, according to NJBiz.com. The filing comes after Brookfield announced last month it was backing out of the deal. Brookfield had won the auction for the Revel, besting Florida developer Glenn Straub with a bid of $110 million in October.
Straub bid $95.4 million for the property and filed an appeal to overturn the decision to give the property to Brookfield. The Revel, which cost $2.4 billion to build, shut its doors in September. See story at NJBiz.com.
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