Bankruptcy judge makes Brookfield new owner of Revel

A federal bankruptcy judge in Camden on Tuesday approved the sale of Atlantic City's Revel Casino Hotel for $110 million to Brookfield Asset Management Inc.

"I believe the high bid of Brookfield should be approved," U.S. Bankruptcy Judge Gloria M. Burns said.

The sale will mark the beginning of a new chapter in the short and tumultuous history of the $2.4 billion property that struggled from the day it opened in 2012.

"We are excited by the decision of the court to recognize Brookfield Property Partners as the winning bidder of the Revel assets," Revel chief executive Scott Kreeger said.

"Brookfield is a highly regarded company with extensive gaming experience. Their experience would give Revel a strong new owner with whom to chart a new course for success," Kreeger said.

Burns approved the sale over the objections of runner-up bidder Glenn Straub, a Florida investor who got the Revel bankruptcy auction going with a $90 million bid in early September, after earlier attempts at an auction failed.

Burns allowed Straub's attorney, Stuart J. Moskovitz, to question Revel's investment banker and its chief restructuring officer after their testimony, but warned him that "We're not going all over the field."

Burns explained to Straub's lawyer that to have the auction vacated he would have to show that there was collusion that harmed the bankruptcy estate.

"It's not about your client," Burns told him. "It's about the estate."

Source: Philly.com