Brookfield Asset Management has announced that it has decided to back out of a $110 million deal to purchase the Revel Casino in Atlantic City after it was unable to come to an agreement with the casino's creditors.
The announcement comes a month after the group placed a winning big for the property, which cost $2.4 billion and was open for just about a year before it closed in 2013. The Canadian firm said that the casino's creditors would not come to an agreement over $118.4 million of debt tied to the casino, which includes power supply contracts.
Even though the deal has fallen through, Revel may still be saved, as Florida investor Glenn Straub has announced that he still is interested in the property. He originally bid $95.4 million for Revel, and was prepared to big $134 million.
The property sits on the Atlantic City Boardwalk, and had 1,399 hotel rooms and a large casino, which is lauded for its excellent design. At one point it was called the best structure built on the East Coast in the past ten years.
Casino Listings will update this story as more developments arise.