Federal Judge Approves $110 Million Sale of Revel to Brookfield

The sale of the former Revel building to Brookfield US Holdings was approved by a federal judge on Tuesday, The Press of Atlantic City reports.

Canada-based Brookfield submitted a $110 million bid on Oct. 1 to purchase the building and reopen the building as a casino.

Glenn Straub, who was the first, and for a time only, bidder, had complained about the lack of transparency in the bidding process. He said he didn’t have enough time to respond to Brookfield’s bid, among other complaints.

Straub put in a $90 million bid and said he intended to reopen the building in part as a casino, and in part as an an elite university, in the building’s tower.

He also said he could reopen the building within weeks if he won.

Brookfield gave no timetable for reopening the casino. It is part of a group that owns Atlantis resorts and Hard Rock Las Vegas, according to the report.

Revel closed at the beginning of September, and about 3,100 people lost their jobs as a result of that closing.

For more, visit pressofatlanticcity.com.