Revel AC Inc. should reopen bidding for its Atlantic City casino, which Brookfield Property Partners LP won at auction last week, according to a Florida investor who claimed he was cheated of a chance to make a higher offer.
Revel, which cost $2.4 billion to build, closed last month after two years of unsuccessfully trying to make a profit in the struggling New Jersey gambling center. It accepted a $110 million offer from Toronto-based Brookfield on Oct. 1 after an all-night auction. The sale is scheduled to go up for approval in U.S. Bankruptcy Court in Camden, N.J.
