Yesterday, the federal Court authorities approved the deal between Revel Casino and the Toronto-based Company Brookfield Asset Management. The new owner got the venue for 5 cents to the dollar, which is, as a matter of fact, an amazing investment. The total amount, approved by Gloria Burns, was $110 million.
Glenn Straub, the bidder who had “almost” won the auction, was expected to have some pretensions about the bid and these expectations were proven. Straub complained that the Revel authorities hadn’t kept their promise of informing the bidders about the situation with the existing bids, which was the main reason for his company to become a runner up to Brookfield. Understandably, Revel’s managers disagreed with the accusation.
In an announcement, that has been released recently, the Canadian owners said that the casino will re-open soon, a decision, which was regarded as the most sensible one.
John Cunningham, one of the attorneys of Revel Casino, said that the news that Revel will remain casino is marvelous and he is overjoyed that “It’s not going to be a university.”
Although all the claims, Straub had, were disapproved by the Judge at the end, he was allowed to share his standpoint anyway.
Straub said that if we had known about the Brookfield’s offer, he would have made a higher bid. Yet, he hadn’t taken any actions, which made the company accept the Canadian bidders’ offer. They have decided not to take unnecessary risk and wait for a higher bid because the amount of money was too huge.
Straub’s defender said that his client was disappointed but Scott Kreeger, the President of Revel Casino, said that he was “excited” by the decision of Judge Gloria Burns. According to him, Brookfield is a trustworthy company that has all the chances to make Revel Casino successful. It had closed at the beginning of September after two years of operating but the worst of all was that the investment, the owners made in building the casino, didn’t bring them the expected profit.
Straub also complained that his complicated health condition was a setback for making his bid earlier. Although he refused to specify what kind of health issues he had, he said that the duration of the auction made him anxious and was among the main reasons for the health problems. He also added that he was told about the Brookfield’s bid few hours earlier before the end of the auction, which made him unable to take measures.
Despite the rejection of the claims Straub had towards Revel Casino, his representative said that his client hasn’t lost interest in becoming a major figure on the Atlantic City gambling market.
October 20th is the day set for figuring out the great number of small but important details, concerning finalizing the deal between Revel and Brookfield.
