Revel seeks to scrap casino deal with Canadian purchaser, and sell to runner-up from Florida

Industries Associated Press

Revel wants a bankruptcy judge to let it scrap a deal to sell itself to a Canadian firm, and instead let the runner up buy the shuttered New Jersey casino.

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Revel Entertainment filed an emergency motion late Tuesday night seeking approval to terminate the agreement with Brookfield Asset Management approve Polo North Country Club as the new buyer.

Brookfield announced last month it was walking away from its $110 million purchase of Revel due to a dispute with bondholders over debt from a costly power plant.

Florida developer Glenn Straub's Polo North was the runner-up in the auction with a final bid of $95 million.

Spokesmen for Brookfield and Straub both declined comment Wednesday.

The motion was first reported by The Press of Atlantic City.