Atlantic City's Revel Casino was purchased in a bankruptcy auction for $110 million earlier this week, a significant discount on the $2.4 billion it cost to build the casino resort property.
The casino was purchased by Brookfield Asset Management, who also owns the Hard Rock Hotel & Casino in Las Vegas as well as Atlantis Paradise Island in Nassau, Bahamas.
The selling price is considered to be a bargain for Brookfield Asset Management, as the casino cost $2.4 billion to build and was open for a little over a year before shutting its doors.
Commenting on the purchase Brookfield Property Partners (a sister company to BAM) CEO Richard B. Clark said, “It’s an opportunity to acquire the newest and highest-quality asset in Atlantic City at an attractive basis. We’ll be in discussion with all the parties and partners involved to formulate a feasible plan that ensures the long-term viability of the property as a resort destination.”