Brookfield wins Revel Casino auction, but loser vows to fight

Wed Oct 1, 2014 11:48am EDT
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By Tom Hals

Oct 1 (Reuters) - An affiliate of Brookfield Asset Management won the auction for Atlantic City, New Jersey's bankrupt Revel Casino Hotel with a $110 million bid, but within hours the losing bidder told Reuters he planned to fight the sale in court.

Asked if he would challenge the auction result in court, Florida developer Glenn Straub told Reuters by phone: "absolutely."

The auction for the hotel and casino, which cost $2.4 billion to build, concluded early Wednesday. Straub said he was analyzing the bid from Brookfield when the auction was declared over.

He told Reuters he was prepared to bid up to at least $134 million. He said he would challenge the sale next week in the U.S. Bankruptcy Court and through appeals courts if necessary. (Reporting by Tom Hals in Delaware; Editing by Meredith Mazzilli)