$110 Million Bid for Revel Casino in Contentious Auction
A bid totaling $110 million was received for the Revel Casino Hotel on Tuesday in a bankruptcy auction that stretched far into the next day.
Brookfield US Holdings was the top bidder thus far in a spirited battle with Glenn Straub that may need to be resolved by a federal judge. Straub’s company, the Polo North Country Club, objected to the bidding process and was preparing the filing of legal documents to that effect.
Brookfield’s $110 million bid was offered with the caveat that it was only valid until 6:00 a.m the next day. Straub’s lawyer, Stuart Moskovitz, alluded to that tactic as extortion and promised a legal battle as a result.
Straub’s team wanted to make a higher bid after Brookfield came in with a $98 million offer, but first needed to consult with their accountants. It was way past normal business hours and the accountants could not be reached, which led to the $110 million bid under the 6:00 a.m. deadline condition.
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The auction was put on hold until next Monday following the inability of Straub to reach his money men. But the largest bid was offered following the announcement of the suspension.
Those two companies were the only two making bids. Straub put a $90 million bid on the table earlier this month and gave off mixed signals as to whether or not he really wanted the Revel.
Brookfield US Holdings is based in Delaware and is listed as a subsidiary of Brookfield Asset Management, with headquarters in Toronto, Canada. Affiliates of the parent company have gotten into the casino game previously by gaining control of Australia’s Star City Casino in Sydney, the Hard Rock Hotel and Casino in Las Vegas, and the Atlantis Resort & Casino located on Paradise Island in the Bahamas.
Brookfield’s plans for the Revel have not been made public. But based on its previous casino acquisitions, it’s likely that casino gambling is on the agenda should the company win the bidding war versus Straub and Polo North Country Club.
Straub is based in Florida and was aiming to return to the Sunshine State following the drawn out day of bidding. His objections to the entire bidding process are many, including the fact that the auction last week was postponed despite a deadline and that Revel’s lawyers have not been forthcoming with the bids received.
In whatever manner the bidding war is settled, it appears the winner is in line for quite a bargain. The Revel opened in 2012 after an investment of $2.4 billion. The casino shut its doors on Aug. 31.