Not Reveling in a Win, Revel Bidder Wants Lower Price for Shuttered Casino

Steve Ruddock Updated on January 5, 2015

Hopes may be running high in Atlantic City for 2015 after 2014 saw the shuttering of four land-based casinos in what was once the East Coast’s gambling mecca, but the first story of the year isn’t exactly a positive one.

Monday brought another twist in the long-running drama surrounding the shuttered Revel Casino in Atlantic City, which closed its doors in early September a little over two years after opening to much fanfare.

According to the AP, the second highest bidder, Glenn Straub, asked a judge to lower the purchase price. Straub, a developer, initially bid $95.4 million for the property, which cost over $2 billion to construct. Arguing that the initial auction was “tainted,” Straub’s attorney Stuart Moskowitz asked federal bankruptcy Judge Gloria Burns for an amended purchase price of $87 million, which was rejected.

Judge Burns said, “I am satisfied that there was a fair auction that went forth. There’s nothing here today that I didn’t hear before or consider before.”

The top bidder in the auction, Canadian firm Brookfield Asset Management, backed away from the deal due to issues with debt surrounding the company that supplies power to Revel. Brookfield had put in a bid of $110 million. Attorney Moskowitz has contended that the auction process was an unfair one due to connections between Brookfield and attorneys working for Revel.

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