Firm Backs Out of Deal to Buy Atlantic City's Shuttered Revel Casino
The company that won an auction to buy the shuttered Revel Casino Hotel for $110 million has terminated the deal.
/ Source: The Associated Press
ATLANTIC CITY, N.J. — A Toronto-based company is abandoning its plan to buy the former Revel Casino Hotel in Atlantic City. Brookfield Asset Management said Wednesday in a brief statement that it had "terminated the Revel acquisition." The company planned to buy the casino for $110 million from bankruptcy court. Revel opened in April 2012 at a cost of $2.4 billion and never turned a profit. After filing for its second bankruptcy, its owners closed the casino resort on Sept. 2. Brookfield's decision to walk away from the deal was first reported by The Press of Atlantic City. Brookfield spokesman Melissa Coley tells the newspaper that the decision stems from a disagreement with bondholders controlling debt related to Revel's power plant.
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