Revel Atlantic City sold for discounted $110 million

The $2.4 Billion Revel Casino in Atlantic City was sold to Brookfield Asset Management at auction for $110 million earlier this week.

“It’s an opportunity to acquire the newest and highest-quality asset in Atlantic City at an attractive basis,” said Richard B. Clark, chief executive of Brookfield Property Partners, an affiliate of the buyer. “We’ll be in discussion with all the parties and partners involved to formulate a feasible plan that ensures the long-term viability of the property as a resort destination.”

Brookfield’s casino portfolio comprises the Hard Rock Hotel & Casino in Las Vegas and Atlantis Paradise Island in the Bahamas.  The company expects to revive the Revel given the “bargain-basement” price it paid.

“We assume that they are planning to hire back all of the people who worked at Revel previously,” commented Bob McDevitt, president of Unite-Here Local 54, which represents workers in the casino industry. “We’re hopeful that this is a positive step forward, not just for Revel, but for all of Atlantic City.”

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