Reporter

Firm Raises Bid for Atlantic City's Revel to $110M

Officials with a Canadian firm upped their bid to purchase Atlantic City's bankrupt Revel Casino.

The attorney for controversial Florida developer Glenn Straub told NBC10's Ted Greenberg Brookfield Property Partners raised their bid to $110 million for the defunct Revel Casino Hotel.  

Brookfield, a global firm with headquarters in Toronto that owns casinos in Las Vegas and the Bahamas, is vying with Straub for the right to buy the $2.4 billion Revel for pennies on the dollar.

Brookfield previously placed $98 million and $94 million bids.

Straub initially upped his own bid from $90 million to $95.4 million to top the $94 million bid from Brookfield. Straub's attorney claimed they have not yet responded to the $110 million bid and the auction is still ongoing.

Earlier in September Straub touted his ambitious plans for the property and Atlantic City. Straub told Reuters his vision included a university that would ideally be attended by students who are "white and over 21."

Revel was one of four Atlantic City casinos to close this year.

It is unclear what Brookfield had planned for the closed casino should it be the winner. 

As the bids came in, Straub challenged the process and asked a judge to delay the auction.

Straub claims Revel's attorneys reneged on a promise to share information about other bids that were received.

A Revel spokeswoman declined to comment.

The court refused to suspend the auction but scheduled a hearing on Straub's objection for Oct. 20.

In the filing, Straub said he and others waited around for six hours on Sept. 24, "but nothing happened." No bids were taken, he said, and the auction was adjourned for the Jewish holiday.

"The entire time spent on the trip was completely wasted with significant dollars spent, all for nothing," he wrote. "That six hours went by with nothing whatsoever occurring in public, and with the debtors' counsel refusing to provide any information at all as to the 'proceedings' supposedly taking place behind closed doors, serious concerns arise as to good faith."

Copyright AP - Associated Press
Contact Us