UPDATE 1-Brookfield gets court OK to buy Atlantic City's Revel casino

Tue Oct 7, 2014 1:22pm EDT
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(New from second paragraph with details from court)

By Tom Hals

Oct 7 (Reuters) - An affiliate of Brookfield Asset Management got court approval to buy Atlantic City, New Jersey's shuttered Revel Casino Hotel for $110 million in cash on Tuesday after a judge rejected complaints the auction for the bankrupt complex was tainted.

"I have heard evidence to satisfy me that the sale to Brookfield should be confirmed," said U.S. Bankruptcy Court Judge Gloria Burns at the hearing in Camden, New Jersey.

The Canadian investment firm's Brookfield Property Partners picked up the 1,400-room beachfront hotel and casino for a fraction of the $2.4 billion it cost to build.

"It's the most logical buyer with a gaming background who sees it as a state-of-the-art casino on the boardwalk," said John Cunningham, a White & Case attorney who represents Revel.

Brookfield already owns two gaming complexes - the Atlantis Paradise Island resort in the Bahamas and the Hard Rock Hotel and Casino in Las Vegas.

Glenn Straub, a Florida developer who was outbid by Brookfield, blasted the auction as unfair because it was declared over at 5 a.m. on Oct. 1 when he needed more time to put together a bid of up to $140 million.

Straub took the stand and delivered rambling testimony about the all-night auction, which was held in the Manhattan law office of White & Case.   Continued...