AC: Revel auction turns into soap opera
The bankruptcy auction of the Revel Casino Hotel continued to play out like a soap opera after a new bidder appeared on the scene and the previous stalking horse bidder Glenn Straub filed a motion against them.
Following this the auction was supposed to be adjourned until Monday 6th October for lawyers representing the Revel are able to consider the new bid. However both sides then agreed to continue and the new Canadian bidder was revealed as Brookfield Asset Management with an offer of $110 million for the resort that cost $2.4 billion to build.
Brookfield Asset Management already is an owner of casinos in Las Vegas and the Bahamas and the bid they made was on the understanding it would be accepted by 6am or it would withdraw the bid.
Straub had earlier filed a motion against the lawyers of Revel for failing to disclose any new potential bidders as previously agreed upon by both parties, this complaint will be heard later in October which could be irrelevant if the auction concludes prior to the date.
At present Straub is considering making a bid higher than the new bid of $110 million, which is really worth pennies to the dollar the Revel paid for the development only two years ago.
Brookfield owns the Hard Rock Hotel & Casino in Las Vegas and the Atlantis Paradise Island in the Bahamas.
How this soap opera of an auction will conclude is any ones guess but industry observers believe the final outcome will be all parties going to court to have it settled.
