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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Revel Bidder: University Next to Casino Tower Would Have Students Who Are ‘Free, White and Over 21’

Photo | Dan McQuade

Photo | Dan McQuade

When Glenn Straub unexpectedly announced his plans to bid $90 million for Revel, we didn’t know much about him. But the Florida developer reveals something new every time he talks to the press about his plans for the $2.4 billion failed casino on the ocean.

Speaking to Reuters about his plans for a university “for geniuses” at the casino site, Straub said he planned to fund the initiative with a 2 percent wage garnish of anyone who’s hired away by a corporation. He also revealed the ideal student for his venture: “Free, white and over 21.” Reuters helpfully points out he was “using a politically incorrect way to describe someone with no financial obligations.” (It’s an archaic idiom that dates to at least the ’30s that means you’re beholden to no one. Still not the expression I’d choose!)

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Revel Bidder Wants to Put a University “for Geniuses” Next to the Casino

Photo | Dan McQuade

Photo | Dan McQuade

We told you last week about Florida builder Glenn Straub’s $90 million bid for Revel and his comment about blowing it up if it doesn’t work.

Now comes more word on his vision for the shuttered, $2.4 billion casino in Atlantic City. Straub plans to build a second, 30-25 story tower next to Revel that would host “some of the smartest people in the world.”

“The university’s going to go in,” Straub told the Press of Atlantic City. “It’s going to be for geniuses.” Straub says his university will work on solving pressing global issues like nuclear waste disposal. He also told the Press of high-speed ferry and rail plans and an “underground passageway” for Atlantic City in the winter.

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Bidder for Revel: If My Plan Doesn’t Work, We’ll Blow Up the Building

revel2

Photo | Dan McQuade

Yesterday, we told you about the Florida bidder offering $90 million for Revel. Now, we have more information on Glenn E. Straub’s plans for the gorgeous, shuttered, $2.4 billion casino.

Straub has purchased “distressed” properties for the last 20 years, and the Revel is his latest project. Atlantic City’s mayor said he expected the property to go for $25 to $50 million eventually — so this $90 million is quite the premium. Then again, a $90 million purchase is about 96 percent off the original price.

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Ex-FBI Director Will Probe NFL’s Handling of Ray Rice

Just hours after the AP reported a police source had previously sent the NFL a tape of Ray Rice knocking his future wife unconscious with a punch, the NFL announced former FBI director Robert Mueller will investigate what the NFL knew about the incident.

Rice was originally suspended two games for the February assault of Janay Palmer, now Janay Rice, at Revel in Atlantic City. There was an outcry over the short suspension — Wes Welker got a suspension twice as long for taking amphetamines at the Kentucky Derby — but it appeared the event had blown over for the NFL (and for Rice, who had his charges dismissed as part of pre-trial intervention).

But earlier this week TMZ released a graphic video of Rice punching his now-wife Janay, and the NFL finally acted more strongly: The Ravens cut Rice, and the NFL suspended him indefinitely. The NFL claimed it had not seen the video, but a law enforcement source played for the Associated Press an April 9th voicemail that confirmed the receipt of the Ray Rice tape. “You’re right. It’s terrible,” the caller in the voicemail said.

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