Shortly after becoming the third of four casinos to close in Atlantic City this year, Revel Casino Hotel is back in the game. The Boardwalk-based property was purchased by Brookfield Asset Management today for $110 million—the property reportedly cost over $2 billion to build in 2012. Brookfield Asset Management’s plans to revive Revel’s casino has spurred a wave of excitement in an area hit hard by the influx of casino gambling in neighboring states.
Like many hotels in Atlantic City, Revel Casino Hotel seemed destined to bring Vegas to the Boardwalk. But with gambling slowly being embraced as a viable source of revenue throughout many of Atlantic City’s surrounding states, combined with an ambiance that seemed to many to be out of place, Revel’s footing was shaky at best from the beginning.
In the event that Brookfield Asset Management is unable to close the sale, which is scheduled for a hearing in the US Bankruptcy Court in Camden, New Jersey next week, Florida real estate developer Glenn Straub will pick up the tab and property for $95 million. But for locals hoping to keep Atlantic City’s heyday vibe alive, Straub’s goal of turning the hotel into a good will university isn’t very good at all.