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Bankruptcy Court Judge Voids Sale of New Jersey Casino, Revel

A bankruptcy court judge on Friday voided the proposed sale of the former Revel Casino Hotel in Atlantic City to a Canadian firm.

A bankruptcy court judge on Friday voided the proposed sale of the former Revel Casino Hotel in Atlantic City to a Canadian firm. Judge Gloria Burns granted a request by Revel Entertainment to cancel the $110 million sale to Toronto-based Brookfield Asset Management. Revel has asked the court to let Florida developer, Glenn Straub buy the property. Straub was the first bidder to put a deposit on Revel, being selected as a 'stalking horse' bidder whose initial $90 million bid set the floor for the auction. The $2.4 billion Revel was one of four Atlantic City casinos to shut down this year among growing competition in the northeastern U.S. market.

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