\n(Bloomberg) \u2014 Revel AC Inc. should reopen bidding for its Atlantic City casino, which Brookfield Property Partners LP won at auction last week, according to a Florida investor who claimed he was cheated of a chance to make a higher offer.<\/p>\n
\tRevel, which cost $2.4 billion to build, closed last month after two years of unsuccessfully trying to make a profit in the struggling New Jersey gambling center. It accepted a $110 million offer from Toronto-based Brookfield on Oct. 1 after an all-night auction. The sale is scheduled to go up for approval tomorrow in U.S. Bankruptcy Court in Camden, New Jersey.<\/p>\n
\tGlenn Straub, owner of the Palm Beach Polo Golf and Country Club in Wellington, Florida, protested the way the auction was handled, saying in a court filing yesterday that Revel broke an agreement to provide details about competing bids. Straub also said a \u201clife or death\u201d medical issue hindered his ability to counter Brookfield\u2019s winning offer.<\/p>\n
\t\u201cThis entire auction proceeding is highly suspect, and, given the appearance of impropriety and lack of open communication, tainted at best,\u201d Straub\u2019s lawyer, Stuart Moskovitz, said in the filing. Straub is asking the court to block the sale and to appoint a trustee to restart and oversee the auction.<\/p>\n
\tAndrew Willis, a spokesman for Brookfield, declined to comment on Straub\u2019s complaints.<\/p>\n
\tHard Rock<\/p>\n
\tBrookfield, owner of the Atlantis resort in the Bahamas and the Hard Rock Hotel & Casino in Las Vegas, said it plans to reopen Revel as a casino. Brookfield this year acquired a team of hotel industry experts who can assist in Revel\u2019s turnaround.<\/p>\n
\tThe company has upgraded the rooms and restaurants at Atlantis and integrated the property into Marriott International Inc.\u2019s booking system, giving an indication of what it could do with Revel, Willis said.<\/p>\n
\tStraub entered the auction as the \u201cstalking horse\u201d bidder with a $90 million opening offer. In a Sept. 29 court filing asking to halt the sale process, Straub said he was led to believe he would see the offers from other interested parties after the Sept. 23 deadline for submitting bids.<\/p>\n
\tHe still wasn\u2019t aware of Brookfield\u2019s offer when bidding began Sept. 30, Moskovitz said in a phone interview. Straub could have offered more, but needed time to evaluate his options, according to the lawyer.<\/p>\n
\t\u201cWe told them we were prepared to bid higher,\u201d Moskovitz said. \u201cWe could not do it that day.\u201d<\/p>\n
\tMedical Condition<\/p>\n
\tAccording to Straub\u2019s filing yesterday, he didn\u2019t have pills with him that he needed for a medical condition, which isn\u2019t specified in the document.<\/p>\n
\t\u201cWe gave Mr. Straub every opportunity to make another bid. We stayed up all night and we didn\u2019t receive any,\u201d John K. Cunningham, a Revel attorney, said in an interview last week after the auction. \u201cAll he is, is a disgruntled losing bidder.\u201d<\/p>\n
\tThe bankruptcy is In re Revel AC Inc., 14-bk-22654, U.S. Bankruptcy Court, District of New Jersey (Camden).<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
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