Atlantic City’s shrinking casino market got a big boost as a last-minute buyer emerged for the closed Revel casino, picking up the .4 billion resort for just 0 million.
Most importantly, the buyers—Brookfield US Holdings LLC, which runs the Hard Rock casino in Las Vegas and the Atlantis Paradise Island casino in the Bahamas—say they want to reopen the property as a casino hotel.
The previously announced lead bidder for the property—Glen Straub, a Florida-based developer who initially bid $90 million—says Revel’s attorneys botched the auction, but a legal challenge was rejected by a bankruptcy court judge. Straub was chosen as backup bidder for the property should Brookfield not be able to close the deal.
Brookfield is a Toronto-based asset-management company. The company did not release its specific plans for the property, but did say it would remain a casino.
Brookfield spokesman Andrew Willis could not say when the Revel might reopen or whether it would even still be called Revel. But he did confirm that the property will remain a casino hotel.
“Our expertise is running casino hotel properties,” Willis said.