Revel auction still taking bids, did not adjourn

Staff Writer
Columbus CEO

ATLANTIC CITY, N.J. (AP) — The bankruptcy auction of Atlantic City's former Revel Casino Hotel is continuing to weigh bids, and did not adjourn until next week as one participant said it would.

Late Tuesday night, the attorney for Florida developer Glenn Straub said the auction was adjourning until Monday.

But both sides later agreed to continue the auction and by early Wednesday a Canadian firm had submitted the high bid thus far.

Straub attorney Stuart Moskovitz says rival bidder Brookfield Asset Management, which owns casinos in Las Vegas and the Bahamas, had increased its offer to more than $110 million, but was making that bid contingent on it being accepted by 6 a.m.

Brookdale representatives did not return messages seeking comment.

Straub's initial $90 million bid set the floor for the auction.