Citing unfair auction, developer in line to purchase failed Revel casino wants $8M discount

Industries Associated Press

The Florida developer in line to purchase the former Revel Casino Hotel in Atlantic City wants a discount.

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Lawyers for Glenn Straub said in a court filing Wednesday that the property should be sold for $87 million, not the $95.4 million runner-up bid he put in at auction.

A Toronto-based firm won the auction for $110 million but backed out when it couldn't resolve a dispute over the $2.4 billion casino's costly power plant.

Straub says the auction was unfair and he wouldn't have bid more than his original $90 million "stalking horse" bid if he knew that. He wants a federal judge to deduct a $3 million breakup fee because Revel is keeping Brookfield Asset Management's $11 million deposit.

A judge is scheduled to consider the sale Jan. 5.