January 05, 2015
The protracted sale of Atlantic City's bankrupt Revel Casino Hotel took another unexpected turn on Monday, with a New Jersey bankruptcy judge approving the $95.4 million sale to a buyer that was previously outbid, only for the buyer to stall the sale to gain a discounted price.
December 22, 2014
The energy provider to Atlantic City, New Jersey's struggling Revel casino hotel asked a New Jersey bankruptcy judge on Friday for permission to shut off the casino's power, claiming the Revel owners' strategy is to force the power plant into bankruptcy to reduce its value.
December 16, 2014
The owner of Atlantic City's shuttered Revel Casino Hotel asked a bankruptcy judge on Monday to reject energy services and lease agreements with electricity supplier ACR Energy Partners LLC, blasting the pacts from 2011 as unwanted and unduly burdensome.
December 12, 2014
A New Jersey bankruptcy judge on Friday approved the termination of a $110 million deal for Brookfield Property Partners LP to purchase Atlantic City's bankrupt Revel Casino Hotel, potentially facilitating a $95.4 million purchase by a bidder who lost the property in a contentious auction.
December 10, 2014
The shuttered Revel Casino Hotel may still sell itself a month after Brookfield Property Partners LP abandoned a $110 million offer over disputes with lenders to the property's power plant, according to Tuesday court filings seeking to revive a $95.4 million sale to a Florida developer.
December 04, 2014
An extinguished deal to purchase Atlantic City, New Jersey's troubled Revel Casino Hotel may not be dead, according to reports, with an attorney saying Thursday the deal could still come together, pending the outcome of a $119 million dispute with a utility creditor.
December 02, 2014
Atlantic City on Monday told a New Jersey bankruptcy court that Revel Casino Hotel must honor a tax settlement agreement the duo had inked over disputed property tax assessments, saying Revel's objection lacks a legitimate bankruptcy interest since the casino has closed and is essentially liquidating.
November 25, 2014
Atlantic City's Revel Casino Hotel has appealed an order issued by a federal bankruptcy judge earlier this month allowing the resort city to collect about $33 million in unpaid property taxes owed by the bankrupt casino through the sale of a tax lien.
November 19, 2014
Brookfield Property Partners, a Canadian real estate company, has withdrawn plans to buy Atlantic City's Revel Casino Hotel, backing out of its deal to purchase the bankrupt property for $110 million following a disagreement with the power plant that provides Revel's long-unpaid utilities.
November 18, 2014
Atlantic City's Revel Casino Hotel on Monday asked a New Jersey bankruptcy judge to reverse her ruling to allow Atlantic City to collect at least $20 million in unpaid property taxes, arguing the city's inflation of the property's value makes the tax bill unduly burdensome.