Revel Officially Gets a New Owner
A bankruptcy judge has approved the sale of the former Revel Casino Hotel for 5 cents on the dollar to Brookfield Asset Management for $110 million.
The judge dismissed numerous objections from much talked-about Florida developer Glenn Straub who complained that Revel's lawyers did not share information on competing bids. Straub also complained about an all-night bidding session, which he said placed him in jeopardy from an undisclosed medical condition.
The casino cost $2.4 billion to build and never turned a profit; it closed on September 2nd. It was recently revealed that Brookfield is under no obligation to rehire any of the 3,100 former Revel employees.