Judge approves Revel casino sale to Toronto firm

CAMDEN (AP) -- A New Jersey bankruptcy judge has approved the sale of Atlantic City's former Revel Casino Hotel for 5 cents on the dollar to a Toronto asset management firm.

Bankruptcy court Judge Gloria Burns approved the sale to Brookfield Asset Management for $110 million.

She turned aside numerous objections from the losing bidder, Florida developer Glenn Straub, who complained that Revel's lawyers reneged on a promise to share information on competing bids, something Revel has denied.

Revel attorney John Cunningham says the company decided to take Brookfield's bid in an all-night auction rather than wait for a possible new bid a week later.

The casino cost $2.4 billion to build and never turned a profit. It closed Sept. 2 after just over two years of operation.

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