Revel Casino Sale Approved By JudgeProperty Sold To Toronto Firm For $110 Million |
|
Revel, the most miserable failure in the history of the Atlantic City casino industry and the state’s desperate attempts to help the seaside town, was sold on Tuesday for $110 million.
It cost $2.4 billion to build and even received state assistance.
According to the Associated Press, a federal bankruptcy court judge approved the sale to Brookfield Asset Management, which owns the Hard Rock in Las Vegas and the Atlantis casino in the Bahamas.
“Although [the other bidder] said he intended to make a higher bid, he did not do so during the auction and declined to do so at Tuesday’s hearing,” the report added.
The party that lost out on acquiring the property was Florida-based businessman Glenn Straub.
“This is a disgruntled losing bidder,” one of Revel’s lawyers reportedly told the judge. “Mr. Straub had to put his money where his mouth is. He didn’t do it. Our decision was to take the bird in the hand. It was too much money to risk.”
Revel closed early last month. Brookfield said it will reopen it as a casino.
The deal is expected to close in 60 days.
Revel was one of four casinos to close in Atlantic City this year. A fifth could do so next month. Gaming revenue has been plunging since 2006.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
