\nWayne Perry, AP<\/p>\n
\tATLANTIC CITY, N.J. (AP) \u2013 A bankruptcy judge will consider a shuttered New Jersey casino\u2019s request to scrap a deal to sell itself to a Canadian firm, and instead let the runner-up it.<\/p>\n
\tRevel Entertainment filed an emergency motion with the U.S. Bankruptcy Court late Tuesday night seeking approval to terminate the agreement with Toronto-based Brookfield Asset Management and approve Polo North Country Club as the new buyer. On Wednesday, Judge Gloria Burns scheduled a hearing on the request for Friday morning.<\/p>\n
\tBrookfield announced last month it was walking away from its $110 million purchase of Revel due to a dispute with bondholders over debt from a costly power plant. Florida developer Glenn Straub\u2019s Polo North was the runner-up in the auction, with a bid of $95 million.<\/p>\n
\tSpokesmen for Brookfield, Straub and Revel all declined comment Wednesday.<\/p>\n
\tThe court filing asks the bankruptcy court to cancel the sale to Brookfield and schedule a hearing on Friday to approve a sale to Straub, who has proposed several uses for the former casino resort. One of them was a so-called \u201cgenius academy\u201d at which the world\u2019s best minds would look for solutions to society\u2019s problems.<\/p>\n
\tStraub was the first bidder to put a deposit on Revel, being selected as a \u201cstalking horse\u201d bidder whose initial $90 million bid set the floor for the auction.<\/p>\n
\tOn Nov. 29, Revel notified Brookfield it had the right to terminate the sale agreement, and Tuesday, it delivered a termination notice to Brookfield, effective Friday.<\/p>\n
\tThe $2.4 billion Revel opened in April 2012 with high hopes of helping turn around Atlantic City\u2019s struggling casino market. But it never turned a profit, filed for bankruptcy twice and closed Sept. 2.<\/p>\n
\tIt was one of four Atlantic City casinos to shut down this year amid growing competition in the saturated northeastern U.S. casino market. A fifth, the Trump Tal Mahal, is scheduled to close Dec. 20 unless a last-minute deal is reached to save it.<\/p>\n
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Wayne Perry, AP ATLANTIC CITY, N.J. (AP) \u2013 A bankruptcy judge will consider a shuttered New Jersey casino\u2019s request to scrap a deal to sell itself to a Canadian firm, and instead let the runner-up it. Revel Entertainment filed an…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8417","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8417"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8417\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}