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Judge Approves Sale Of Atlantic City's Revel To Florida Developer

Published by Business Insider on Mon, 05 Jan 2015


CAMDEN, New Jersey (Reuters) - A U.S. bankruptcy judge said on Monday she would approve the sale of the Revel Casino Hotel in Atlantic City, New Jersey, to a Florida developer who bid $95.4 million for the complex, which cost $2.4 billion to build.The ruling by Judge Gloria Burns in Camden, New Jersey, would clear the way for the sale to Glenn Straub of Florida, who was the back-up bidder for the casino in an October auction.The winning bidder, an affiliate of Brookfield Asset Management, walked away in December from its agreement to buy the hotel for $110 million.(Reporting by Tom Hals in Camden, New Jersey; Editing by Alan Crosby)Join the conversation about this story
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