Revel casino in Atlantic City will be sold to Glenn Straub’s North Polo Country Club.
Federal court declined to stop the bankruptcy court sale of the $2.4bn property to Straub for $95.4m. Vendors, such as night club developers and power plant operator ACR Energy Partners, say they will lose their investments if Straub buys Revel.
ACR bondholders had refused to negotiate lower power rates to Revel when Brookfield Asset Management won Revel over Straub in a $110mn bid. ACR’s refusal caused Brookfield to walk away.
