Developer Tries to Block Revel Sale
Photo | Dan McQuade
The losing bidder for the Revel Casino has filed an appeal of that outcome in state bankruptcy court.
Glenn Straub, the Florida developer who said he wanted the Revel property to create a “university for geniuses,” lost the bidding earlier this month to Toronto-based Brookfield Asset Management, which bid $110 million.
In a Friday filing with the court, AP reports, Straub says Revel officials didn’t share promised information about competing bids. (Those officials deny the allegation.) He also says they accepted a Brookfield bid past the specified deadline.
Revel is one of four casinos to shut down in Atlantic City this year, costing the city 8,000 jobs. A fifth, the Trump Taj Mahal, is on track to close next month — though negotiations are still under way to keep that establishment alive. [Associated Press]
