Revel Casino has a new owner and will reamain a casino hotel. Brookfield which is part of Brookfield Asset Management had the winning bid of $110 million dollars. The company also owns The Atlantis Resort in the Bahamas and Hard Rock Casino in Las Vegas.

The bidding war continued into the early morning hours which has caused alot of controversy. The sale must still be approved by a federal judge. A hearing is set for October 7th.

Glen Straub, the florida real etsate devoloper had the intial bid of $90 million for Revel.  An attorney for Straub complained that the competing late hour offer was an “extortionate bid” and vowed that the bidding process would end up in court.

 

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