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It cost $2.4 billion to build Atlantic City's Revel casino and hotel a couple of years ago, but the property was just sold at a bankruptcy auction for a mere $110 million.
Winning bidder Brookfield Asset Management plans to reopen the venue as a casino, but won't say whether it will keep the Revel name.
Latest News On Revel Casino
Brookfield has owned the Hard Rock Hotel and Casino in Las Vegas since 2011, and hasalso run the Atlantis Paradise Island resort and casino in the Bahamas since 2012.
Ver casino jack online latino free. Akasa system blower slot fan. The deal still needs to be approved by the bankruptcy court judge, but it looks like Brookfield is about to score a tremendous bargain.
Jan 20, 2016 It cost $2.4 billion to build, but Straub bought it for $82 million from bankruptcy court. If Straub succeeds in reopening Revel with a casino, it would become the city's 9th casino. Jun 12, 2018 A shuttered Atlantic City, New Jersey, casino that was the gambling resort's biggest flop is getting ready for a second chance. The former Revel casino cost $2.4 billion to build but lasted just. Jun 12, 2018 A shuttered Atlantic City, New Jersey, casino that was the gambling resort's biggest flop is getting ready for a second chance. The former Revel casino cost $2.4 billion to build but lasted just.
The extremely lowprice may be the key to making the new casino a success in the same exact spot where Revel failed.
![Casino Casino](/uploads/1/2/5/1/125199308/879075791.jpg)
'The new owner got a high-cost asset at a rock-bottom price. They have a significant advantage over the original investors who took enormous losses,' said Joseph Seneca, an economics and policy professor at Rutgers University.
But the new casino, like the rest of Atlantic City, still faces an uphill battle amid intense competition from casinos out of state.
Annual revenue for all of Atlantic City's casinos fell 6.2% last year. This year, four out of 12 Atlantic City casinos were forced to close: Revel, Showboat, and the Trump Plaza Hotel and Casino closed at the end of the summer, while Atlantic Club Casino Hotel shut its doors in January.
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Revel Casino Atlantic City
That put about 8,000 people out of work.
'We are certainly hopeful that this is a positive step forward for Revel and for Atlantic City,' said Ben Begleiter, a spokesman for the local casino workers' union.
Willis declined to say whether all 3,100 of Revel's workers will be rehired.
Revel Casino News
CNNMoney (New York) First published October 1, 2014: 5:22 PM ET