The losing bidder for Atlantic City’s former Revel Casino Hotel isn’t retreating yet.
Revel’s management chose Brookfield Asset Management and their $110 million bid. But Florida developer Glenn Straub will challenge the result at Tuesday’s hearing in Camden.
Straub is considering an offer exceeding $110 million. His lawyer says the judge has the power to accept that. Read More: http://www.foxnews.com/us/2014/10/06/losing-bidder-in-revel-casino-sale-not-yet-ready-to-fold/
The news that the star-crossed Revel casino in Atlantic City has found a buyer that also wants to make the property operate as a casino was welcomed enthusiastically last week by elected officials statewide. Read More
Straub’s $90 million “stalking horse” bid set the floor for the auction; he will earn a $3 million breakup fee if the casino goes to someone else. Read More in Press of Atlantic City
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