CAMDEN, N.J. (AP) – A federal bankruptcy judge on Tuesday approved the sale of Atlantic City’s former Revel Casino Hotel for 5 cents on the dollar to a Toronto asset management firm.
Judge Gloria Burns approved the sale to Brookfield Asset Management for $110 million.
She turned aside numerous objections from the losing bidder, Florida developer Glenn Straub, who complained that Revel’s lawyers reneged on a promise to share information on competing bids, something Revel has denied.
“The best news is Revel is going to reopen as a casino,” said John Cunningham, one of Revel’s attorneys. “It’s not going to be a university.”
That was a thinly veiled swipe at one of the offbeat uses Straub had proposed for the property, including a so-called genius university where the world’s top minds would attack the planet’s biggest problems – with or without a casino.