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The Revel Casino and Hotel in Atlantic City was supposed to be the jewel of the board walk in the casino happy city, being build with a massive price tag of $2.4 billion only a few years ago. Unfortunately for the owners, the economic crisis combined with a general decline in revenue in the city, the casino closed its doors around one month ago.
As the casino closed due to it being broke, the entire property and assets came up for auction in New Jersey, which has now been closed down with Brookfield Asset Management being awarded the winning bid, allegedly at the price of $110 million, paying only pennies to the dollar compared to the original price.
It was expected that the Florida-based real-estate company Glenn Straub would win the bidding war, as they seemed determined to acquire the property, but sources said that the company only bid around $95 million, losing the auction to Brookfield’s bid of $110 million as they didn’t make a new bid in time.
In the coming days everything will be officially confirmed and then the winner will announce their plans with the casino, but Brookfield allegedly wants to continue operating the property as a casino and not just as a hotel as other companies wanted to.