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PULLING OUT OF REVEL SALE EXPENSIVE FOR BROOKFIELD
12th December, 2014 at 12:00:26
Atlantic City casino will keep the $11 million deposit.
Toronto-based Brookfield Asset Management may be ruing the day it won an auction for Atlantic City casino firm Revel Entertainment on a bid of $110 million.
The company subsequently issued a statement that it was walking away from the deal after a dispute with bondholders over debt from the construction of the casino's costly power plant (see previous reports).
This week the issue was in bankruptcy court again, where Judge Gloria Burns granted a request by Revel to cancel the sale, enabling Revel to accept a $95 million bid from Florida developer Glenn Straub... a fire sale price on the relatively new $2.4 billion complex.
Revel legal representatives told the court that the closing date for the sale was November 28, and that Brookfield had already publicly announced its intention to walk away from the deal, thus affirmatively repudiating the contract.
He also noted that Revel intends to keep the $11 million deposit laid down by Brookfield under the terms of the agreement.
Judge Burns set a further hearing on the Straub offer for January 5.
Related News Tags: Atlantic City
BULLISH FORECAST FOR PENNSYLVANIA ONLINE GAMBLING
28th March, 2017 at 19:47:54
Hundreds of millions of dollars in new tax revenue possible with legalisation.
NEW JERSEY SENATOR MOVES TO PROTECT STATE ONLINE GAMBLING INDUSTRY FROM FEDERAL INTERFERENCE
03rd March, 2017 at 09:20:39
Sen. Jim Whelan files a Senate companion bill to that introduced earlier this year in the Assembly by Assemblyman Vincent Mazzeo.
TRUMP TAJ MAHAL LAND CASINO SOLD TO HARD RIOCK INTERNATIONAL
02nd March, 2017 at 09:50:51
Quick flip for billionaire Carl Icahn.
POPULAR VIKING T.V. SERIES THE THEME FOR NEW GAMBLING GAMES
01st March, 2017 at 09:10:06
Players will have free rein to explore and plunder in new land casino machines.
ATLANTIC CITY ONLINE GAMBLING CONTINUES TO RETURN DOUBLE DIGIT REVENUES
15th February, 2017 at 07:54:38
January figures released this week show a 28.6 percent year-on-year improvement.