Recently there was a bankruptcy auction held for Atlantic City’s Revel Casino. Previously owned by Donald Trump it stopped earning profit less than two years ago. The casino was sold for $110 Million, which is a discount from the $2.4 Billion that this casino cost to build. This is unfortunately a part of the land based gambling industry in Atlantic City. There has been other casinos that have had to shut down their doors and file for bankruptcy due to lack of people going to their casinos.
This casino was purchased by Brookfield Asset Management. They owned two land based casinos before the purchasing of Revel Casino. The first casino they purchased was the Hard Rock Hotel & Casino in Las Vegas. The second one was Atlantic Paradise Island Casino is Nassau, Bahamas. Revel Casino will now stand as the third land based casino that Brookfield Asset Management operates.
The $110 Million that Brookfield Asset Management spent on purchasing Revel Casino is considered to be an extreme bargain as they were well aware of the price it cost to build this casino. Revel Casino only operated for less than a year before it had to shut down their doors. This casino isn’t even three years old and is still in perfect condition. $110 Million for this casino is about as cheap as it could of come.
There is no word as to when Brookfield Asset Management plans on re-opening Revel Casino. You can expect the name of the casino to be changed, new attractions to come to the casino and new games. It could very well become the best land based casino in Atlantic City.