Revel Casino Sold for Just $110 Million
The doomed Revel Casino in New Jersey may not be so doomed after all as the $2.4 Billion Garden State casino went under the hammer and sold for a mere $110 Million. The buyer was Toronto based Brookfield US Holdings LLC, the same company that owns the Hard Rock Hotel and Casino in Vegas and the Paradise Island casino in the Bahamas. As well as the bricks and mortar the deal also includes all casino and gaming equipment along with fixtures and fittings however the downside to the agreement and the sale is that Brookfield may not be employing the 3,100 staff that lost their jobs due to the closure.
The new owners did say that they have plans to eventually re-open the Revel as a casino, however stated that there are not as yet in a position to give further details regarding the business plan for the casino or the position of the staff. The sale is however being contested by a Florida developer by the name of Glenn Straub who is arguing that secret meetings took place to ensure that Brookfield came out on top during the bidding process, which was held behind closed doors. Lawyers for Mr Straub argue that there was "a lack of transparency and fair play" and a bankruptcy court will be making a decision on those claims.
The Revel closed on September 2nd and was the 4th Atlantic City casino to shut down this year, after years of declining revenues in the resort. Powers that be in AC are currently scratching their heads as to how to rejuvenate the area as of course apart from the loss of a large amount of state tax revenue, literally thousands of people have been left out of work in the once thriving east coast gambling mecca.