Brookfield Places $110M Bid For Revel Overnight [UPDATE]
***UPDATE*** Brookfield has been declared the winner in Revel auction. They plan to re-open as a casino.
According to the Press of Atlantic City, there's still some hoops to jump through,
"A sale to the firm must be approved by a federal judge at an Oct. 7 hearing."
The bidding war continued into the wee hours of the morning, but a subsidiary of Brookfield Asset Management placed a $110 Million bid for Revel Casino in Atlantic City.
Brookfield owns the Hard Rock Hotel and Casino in Las Vegas and the Atlantic Paradise Island Resort in the Bahamas.
Glenn Straub, an investor from Florida, started the bidding last week at $90M, Brookfield came in at $94M yesterday causing Straub to bid $95M.
In the 14th hour of the bidding war, Brookfield came in at $110M. As of this morning, Straub's team has not responded.