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$11 million deposit kept after REVEL buyer backs out

Friday December 12,2014 : PULLING OUT OF REVEL SALE EXPENSIVE FOR BROOKFIELD (Update)
 
Atlantic City casino will keep the $11 million deposit.
 
Toronto-based Brookfield Asset Management may be ruing the day it won an auction for Atlantic City casino firm Revel Entertainment on a bid of $110 million.
 
The company subsequently issued a statement that it was walking away from the deal after a dispute with bondholders over debt from the construction of the casino's costly power plant.
 
This week the issue was in bankruptcy court again, where Judge Gloria Burns granted a request by Revel to cancel the sale, enabling Revel to accept a $95 million bid from Florida developer Glenn Straub... a fire sale price on the relatively new $2.4 billion complex.
 
Revel legal representatives told the court that the closing date for the sale was November 28, and that Brookfield had already publicly announced its intention to walk away from the deal, thus affirmatively repudiating the contract.
 
He also noted that Revel intends to keep the $11 million deposit laid down by Brookfield under the terms of the agreement.
 
Judge Burns set a further hearing on the Straub offer for January 5.



Gambling News :

Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

Advantages of online slots over slot machines - The rise of online casinos means that players no longer have to leave their own house to play casino games.

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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