Shuttered Revel Casino Hotel filed an emergency motion yesterday, seeking approval to terminate its deal with Brookfield Property Partners LP and schedule a hearing to approve the sale to backup bidder Polo North Country Club Inc., Reuters reported today. Brookfield won the auction for Atlantic City, New Jersey's bankrupt Revel with a $110 million bid in October, outbidding Polo North Country Club. Florida developer Glenn Straub, who owns Polo, had at that time told Reuters he was prepared to bid up to at least $134 million. Last month, Brookfield Property made a surprise announcement that it was walking away from its October agreement for the 1,400-room hotel complex, blaming a disagreement over a utility contract for the faltering deal. It did not provide an official notice terminating the deal at that time, leaving some hope the sale could be rescued.
