Revel Bought For $110M, Could Re-Open As CasinoOwner Of Hard Rock Las Vegas Puts Up Winning Big |
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Toronto-based Brookfield US Holdings LLC has unofficially won the bid for Revel, the infamous bankrupt Atlantic City casino.
The firm won a bankruptcy court auction that ended last week with a $110 million bid, according to the Associated Press.
A bankruptcy court hearing to approve the sale is scheduled for Oct. 7, though Florida-based real estate developer Glenn Straub, who was seeking to buy the property for $90 million, might challenge Brookfield’s winning bid by arguing that he didn’t have enough time to make a counter-offer.
He reportedly only had about six hours to make a counter.
But for now, Brookfield is looking like the winner. The firm said it will likely have gambling at the property whenever it re-opens it. Revel cost $2.4 billion to build.
“Revel is a brand-new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” Andrew Willis, a spokesman for Brookfield Asset Management, the parent company of the firm that won the auction, told the AP. “We are excited about owning the newest and highest quality asset in Atlantic City at such an attractive basis. This acquisition is consistent with Brookfield’s history of contrarian investing and always on a value basis.”
He added: “With our ownership of the Hard Rock in Las Vegas and the Atlantis Paradise Island in Bahamas, we have expertise underwriting and operating these types of multi-faceted assets. We anticipate material synergies between these three high-quality properties."
It’s unclear if Brookfield will keep the name Revel.
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