ATLANTIC CITY—Florida developer Glenn Straub says that because he believes the auction for the Revel Casino was not conducted fairly, he should be granted an $8-million discount.
In court papers filed last week, Straub states that the shuttered casino should be sold to his firm for $87 million and not the $95.4-million bid his Polo North Country Club affiliate submitted at the auction, according to the Associated Press. Straub's bid was runner-up to Toronto-based Brookfield Asset Management's $110-million bid. However, Brookfield later backed out of the purchase.
Straub says in the filing that he believes the auction was unfair because his side wasn't fully notified of the other bidder. He also wants a federal judge to deduct a $3-million breakup fee he was originally promised because Revel is keeping Brookfield's $11 million deposit.
A judge is scheduled to consider Revel's plans to sell the casino to Straub on Jan. 5. See story at nbcphiladelphia.com.
© 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.