Revel will seek sale to second-highest bidder

Posted: December 10, 2014 Posted by: Press of Atlantic City

According to the Press of Atlantic City, Revel Casino Hotel has filed motion to terminate its agreement with Brookfield property Partners. Brookfield made a $110MM offer on Revel at bankruptcy auction, but last month the company said it planned to abandon the acquisition due to inability to rework bond debt connected to construction of Revel’s personal power plant. Polo North Country Club had been the second-highest bidder on the property at $95.4MM, and was named the backup offer after the bankruptcy auction.

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