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Judge Approves Sale of Revel Casino for Pennies on the Dollar

 / Updated  / Source: Associated Press

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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.

Although Straub said he intended to make a higher bid, he did not do so during the auction and declined to do so at Tuesday's hearing. Cunningham said the company decided to take Brookfield's bid in an all-night auction rather than wait for a possible new bid by Straub a week later. In approving the sale, Burns said the auction had been run properly. She set Oct. 20 as a hearing date for numerous unresolved legal issues in the case.

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