Judge Voids Sale of Revel to Brookfield
A bankruptcy court judge has voided the proposed sale of Revel to Brookfield Asset Management.
A judge has granted a request by Revel Entertainment to cancel the $110 million sale to Toronto-based Brookfield Asset Management. The company had won a court auction for the failed multi-billion dollar casino, but walked away from the deal when it could not resolve a dispute with bondholders over debt from the casino's power plant.
Revel has asked the court to let Florida developer Glenn Straub buy the property. Straub has some unique plans for the property, including turning a portion of the casino into a gathering place for geniuses who will work on solving the world's biggest problems.
The Associated Press contributed to this report.