Report: Brookfield Walking Away From Deal to Acquire Revel
In a stunning turn of events, The Press of Atlantic City is reporting Brookfield Holdings is walking away from its deal to acquire the closed Revel Casino.
The Press of Atlantic City reports bondholders controlling debt that's connected to the construction of Revel’s power plant refuse to rework fixed costs connected to the plant's construction.
So, where does that leave Florida real estate developer Glenn Straub?
Once the bankruptcy court proceedings for Revel shifted into high gear, Straub quickly became almost a household name in Atlantic City as he had plans to turn the closed casino hotel into, among other things, a college for geniuses. Interesting enough, it was recently announced that Stockton College would be purchasing the closed Showboat Casino, which is next to Revel. Straub tells The Press he is still interested in the property. And while it's too early to see how everything works out, could this be the beginning of an unintended college district on the Atlantic City Boardwalk?