ATLANTIC CITY, NJ (CelebrityAccess) — A decision by a federal judge has cleared the way for the sale Atlantic City's Revel Casino to a Toronto-based asset management firm.
According to NJ.com, Brookfield Asset Management Inc. will pay $110 million for the Atlantic City property, which opened in 2012 after a 2.4 billion construction and closed last month after failing to find a buyer.
The property features two nightclubs, 13 restaurants, two live entertainment venues, 1399 hotel rooms, and 130,000 square feet of gaming space.
The proposed sale had been blocked in court by the second highest bidder, Florida developer Glenn Straub, who alleged that the bidding process was not transparent and was characterized by a lack of fair play.
U.S. Bankruptcy Judge Gloria M. Burns disagreed however, and her ruling stated that Revel had conducted “a fair and open sale process in a manner reasonably calculated to produce the highest and otherwise best offer” in the sale. – Staff Writers