Revel Sold to Backup Bidder, Who Plans to Appeal Ruling

revel-closed

Photo | Dan McQuade

Update, 1:45 p.m.: A judge awarded Revel to Glenn Straub‘s company. Straub did not get a discount he’d requested, and has been ordered to pay the entire $95.4 million he bid for the casino.

Straub’s lawyer said he will appeal for a stay of the sale.

Earlier: A federal judge is set to hear arguments today regarding the sale of Revel to Glenn Straub, the man who last year floated plans to buy the casino and turn it into a “university for geniuses.”

Revel, which cost $2.4 billion to construct, has been closed since 6 a.m. September 2nd. But there’s been a lot of news in the past few weeks! Late last year, ACR Energy Partners missed a bond payment and asked a judge if it could cut power to Revel. ACR was created to power the now-shuttered casino, Revel is its only customer.

It’s not clear if Revel can get power from another source; shutting down power to the building could cause it to be ravaged by fungus. “You’ve got a very high humidity environment,” Drexel construction management professor Douglas Carne told the Press of Atlantic City. “That will be almost impossible to control without air handlers operating.” Tenants that operated businesses at the Revel remain locked out and are fearful of ACR cutting power.

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Revel Sale to Brookfield Officially Axed; Will Backup Bidder Buy?

Photo | Dan McQuade

Photo | Dan McQuade

Everything is lining up for a “university for geniuses” to go into the former Revel casino in Atlantic City. Well, maybe.

A judge approved the termination of the sale of Revel to Brookfield Asset Management this morning, paving the way for Florida developer Glenn Straub to purchase the property with his backup bid of $95 million. Brookfield had bid $110 million.

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Meeting Scheduled Monday to Try to Save Revel Deal

revel-new

A bankruptcy attorney for the failed Revel casino hotel has scheduled a meeting Monday in New York in an attempt to save the deal to sell it to Brookfield US Holdings for $110 million.

Brookfield abandoned the deal when it could not come to an agreement with the power plant nearby that was constructed at the same time as Revel and has the casino as its sole client. ACR Energy Partners, which controls the plant, has not been able to reach a deal with Brookfield.

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Sale of Revel to Brookfield Is Finalized

A judge finalized the sale of the shuttered Revel Casino to Brookfield Holdings today, but not before some final bits of weirdness in a neverendingly weird tale.

Suffice it to say, it ended like this:

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Revel Sold, Won’t Become a University for Geniuses

The dream of a university for geniuses at the failed Revel casino is gone.

At auction this morning, Brookfield Asset Management purchased Revel with a bid of $110 million — besting Florida developer Glenn Straub’s $95 million bid for the property. Brookfield, based in Toronto, describes itself by saying it focuses on “owning and operating assets with a focus on property, renewable energy, infrastructure and private equity.”

Brookfield, which manages almost $200 billion in assets, owns the Hard Rock Hotel in Las Vegas and the Atlantis Paradise Island in the Bahamas. It plans to run Revel as a casino.

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Revel Auction Grinds Into Third Day

Photo | Dan McQuade

Photo | Dan McQuade

Something strange has happened to the shuttered Revel Casino this week: It’s become a hot property.

An auction to sell off the casino will hit its third day today, with no clear winner yet in the bidding between Florida developer Glenn Straub, who wants to create a university for geniuses, and Brookfield Asset Management,  a Canadian company that manages casinos in  Las Vegas and the Bahamas.
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Revel Bidder: Auction Delay Makes It “Tainted”

An attorney for hopeful Revel bidder Glenn Straub, who has pledged $90 million to buy the shuttered Atlantic City casino, called the auction process “tainted” after it was delayed until Tuesday, September 30th.

“It just gives you a dirty feeling,” Straub told the Press of Atlantic City, “like you want to … take a shower.” Straub also told the paper he bidded on the property because he was bored. If Revel is not sold to Straub, he gets $3 million. Yes, really.

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