ATLANTIC CITY, N.J.
Atlantic City's Revel casino and hotel, built at a cost of $2.4 billion and opened in 2012 before its September shuttering this year, appears to have new life on the horizon following its auction acquisition by a Canadian-based real estate firm.
Brookfield Property Partners, a subsidiary of Brookfield Asset Management in Toronto, won a bankruptcy auctioning of the resort with a $110 million bid—which still awaits approval at an October 7 U.S. Bankruptcy Court hearing.
While no timetable has yet been made public for a relaunch, Brookfield reportedly intends to reopen the property as a casino resort. The company currently owns a handful of casino properties that includes the Hard Rock Hotel and Casino in Las Vegas.
Revel was one of four AC casinos to close this year, following regional financial struggles partially related to damages caused by Hurricane Sandy in October 2012. The city is now making efforts at a dynamic comeback built in part on expanding their meetings market and diversifying away from a purely gaming tourism focus.
A re-energized Revel, which previously boasted substantial event capabilities that included about 160,000 square feet of indoor function space, would potentially be a key component in the city’s ongoing resurgence. In addition to its event space, the property offered nearly 2,000 rooms, a large-scale spa and more than a dozen dining options, plus an elegant retail center.
Meetings Focus will continue to provide updates as the situation evolves.
