Revel Seeks to Terminate Sale to Brookfield, Approve Sale to Backup Bidder

The deal between Revel and Brookfield Holdings will officially be off the table, according to court documents filed Tuesday night.

Revel filed a motion late Tuesday to terminate the sale of the defunct Atlantic City casino to Brookfield Holdings and approve the sale to the backup bidder, Glenn Straub, President of Polo North Country Club.

Revel's management chose Brookefield Holdings as the winner in a bankruptcy court auction for the casino in October for $110 million. Soon after, Florida developer Glenn Straub filed an appeal in US bankruptcy court to try and stop the sale of Revel to Brookfield.

Since signing the purchase agreement with Brookfield on Sept. 30, Revel has been working to close the deal, but new terms introduced by the buyer made it impossible, a source close to the negotiations told NBC10's Ted Greenberg.

Last month, Brookfield announced it was terminating its deal with Revel due to a dispute over debt from its costly power plant. Less than a week ago, John Cunningham, a lawyer for the casino, said that deal was still on.

Straub recently told NBC10 that he is still interested in purchasing the casino.

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