BUSINESS & ECONOMY

Revel now hoping for deal with auction runner-up

By Joshua Burd for NJBIZ

The shuttered Revel Casino Hotel has asked a judge to terminate its agreement to be acquired by Brookfield US Holdings LLC, with hopes now of striking a new deal with the losing bidder in the Atlantic City operator’s recent bankruptcy auction.

In an emergency motion filed Tuesday night in federal bankruptcy court, Revel AC Inc. is seeking approval to end the existing deal and move forward with Florida developer Glenn Straub. A hearing is now scheduled for Friday morning before Judge Gloria Burns in Camden.

The move comes after Brookfield, which won the right to buy the glitzy 47-story casino for $110 million in October, announced last month that it was backing out of the deal. At the time, a Brookfield representative said the decision was fueled by disagreements with bondholders controlling debt over matters pertaining to Revel’s power plant.

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