ATLANTIC CITY, NJ—Attorneys for the Revel CasinoHotel will seek court approval on Friday in Camden, NJ toterminate its sale agreement with Brookfield US HoldingsLLC so that it can pursue a deal with the second lowbidder for the troubled gaming property.
Revel in a filing in federal bankruptcy court on Tuesday askedJudge Gloria Burns for permission to terminate itsdeal with Brookfield, according to NJBiz.com. The filing comesafter Brookfield announced last month it was backing out of thedeal. Brookfield had won the auction for the Revel, besting Floridadeveloper Glenn Straub with a bid of $110 millionin October.
Straub bid $95.4 million for the property and filed an appeal tooverturn the decision to give the property to Brookfield. TheRevel, which cost $2.4 billion to build, shut its doors inSeptember. See story at NJBiz.com.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
