The Revel in Atlantic City could re-open as a casino
Just hours after the acquisition of the Revel in Atlantic City for $110 million in the bankruptcy court, the real estate company Brookfield Property Partners has announced plans to reopen the famous complex as a hotel-casino.
This is great news for the whole gambling industry of the state of New Jersey, and especially for the many employees of the complex who now expect to return to work relatively quickly.
A unique opportunity
On Tuesday, the 30th of September, the real estate company Brookfield Property Partners has made an offer of $110 million in the bankruptcy court to purchase the Atlantic City Revel casino that was built a few years ago for $2.4 billion.
Opened in 2012, the complex has never managed to make any profits, which led to the operator filing for bankruptcy twice before going having to close altogether.
They closed the establishment on September 2, as we reported in this article: The Revel in Atlantic City will close their doors.
Richard B. Clark, the CEO of Brookfield Property Partners, saw a unique opportunity to acquire cheap assets with Atlantic City’s newest complex.
The brand new complex is located on the waterfront of the city.
This is the reason why the company made an offer of $110 million.
Discussions will now be held with all stakeholders and partners in order to develop a plan that will ensure the long term viability of the property.
No details have been given
The Toronto-based Brookfield Property Partners already owns four casinos including the Hard Rock in Las Vegas and the Atlantis Paradise Island in the Bahamas.
They have not given any specific details on the future casino yet.
We do not know for example if the complex will keep its current name or if synergies between the different institutions will be set up.
More than 7 casinos
Atlantic City started the year with 12 casino complexes.
Including the possible closure of the Trump Taj Mahal in November, only 7 establishments will remain open at the end of the year.
These casinos will distribute the rest of the market among themselves and try to rebuild the local industry that has been greatly damaged.
