From NJ.com

Bankrupt Revel sold for $110 million to firm with casinos in the Bahamas and Las Vegas

ATLANTIC CITY — Revel, the bankruptcy luxury casino-hotel that cost $2.4 billion to build, has been sold for $110 million to a firm that owns casinos in Las Vegas and the Bahamas.

Revel officials said today that Toronto-based Brookfield US Holdings LLC emerged as the successful bidder, after two days of secret, behind-the-scenes negotiating over the sale.

It said Florida developer Glenn Straub and his company, Polo North Country Club—who was the initial bidder for the property, was selected as backup bidder, based on a $95.4 million bid. Straub, who had said he wanted to turn Revel into a "university for geniuses," stands to make a $3 million breakup fee for serving as the lead bidder after his offer was topped by Brookfield. His attorney could not be immediately reached for comment.

A Brookfield spokesman said the company intends to reopen Revel as a casino, pending state and court approvals.

"We're excited," said Brookfield senior vice president Andrew Willis. "We think this is a trophy asset on the Atlantic City beachfront and we're acquiring it at a substantial discount to its replacement costs."

A hearing seeking approval of the sale will be held in U.S. Bankruptcy Court next week, when Straub would have the opportunity to appeal the sale. New Jersey would also have to approve any transfer of Revel's gaming license.

Brookfield owns the Hard Rock Hotel & Casino in Las Vegas, and the Atlantis Paradise Island in the Bahamas. Willis would not disclose whether the company would rename Revel.

"We can't discuss the business plan," he said. “But with our ownership of the Hard Rock in Las Vegas and the Atlantis Paradise Island in Bahamas, we have expertise underwriting and operating these types of multi-faceted assets."

Revel, burdened by debt and shunned by gamblers since its opening a little more than two years ago, closed its doors on Sept. 2, the fourth Atlantic City casino to go out of business this year. Its closing left more than 3,100 employees looking for work.

A spokeswoman for Atlantic City Mayor Donald Guardian said the mayor was awaiting the final conclusion of the bidding process and had no immediate comment.

Ted Sherman may be reached at tsherman@njadvancemedia.com. Follow him on Twitter @TedShermanSL. Find NJ.com on Facebook.