Revel Casino Atlantic City Latest News
- Revel Casino Atlantic City Latest News Update
- Revel Casino Atlantic City Latest News
- New Casino Atlantic City
- Revel Casino Atlantic City Latest News Updates
- Latest Atlantic City Casino News
Revel, the failed $2.4 billion casino in Atlantic City, New Jersey, built as a high-end playground for Wall Street bankers, sold for $200 million to a Colorado developer who plans to reopen it. ATLANTIC CITY, N.J. (AP) — The sun rose on a new era in Atlantic City on Monday as the $2.4 billion Revel casino resort opened its doors with a blueberry smoothie toast at sunrise and a rush of gamblers eager to try out the city's 12th casino.
It cost $2.4 billion to build Atlantic City's Revel casino and hotel a couple of years ago, but the property was just sold at a bankruptcy auction for a mere $110 million.
- Discount Atlantic City Glance. The new owners of the Revel Casino Hotel, bought at a discount of $110 million, plan to put millions more in renovations into the property, according to state officials.
- A lone apartment building stands on empty land near the shuttered Revel Casino & Hotel in Atlantic City, New Jersey. (Bill Denver For New York Daily News) (Bill Denver/for New York Daily News).
- Ocean Casino Resort (formerly Revel Casino Hotel Atlantic City) is a resort, hotel and casino in Atlantic City, New Jersey, United States.It is the northernmost casino on the Atlantic City Boardwalk, located on 20 acres (8.1 ha) of land, adjacent to the Showboat Hotel.
Winning bidder Brookfield Asset Management plans to reopen the venue as a casino, but won't say whether it will keep the Revel name.
Brookfield has owned the Hard Rock Hotel and Casino in Las Vegas since 2011, and hasalso run the Atlantis Paradise Island resort and casino in the Bahamas since 2012.
The deal still needs to be approved by the bankruptcy court judge, but it looks like Brookfield is about to score a tremendous bargain.
The extremely lowprice may be the key to making the new casino a success in the same exact spot where Revel failed.
Revel Casino Atlantic City Latest News Update
'The new owner got a high-cost asset at a rock-bottom price. They have a significant advantage over the original investors who took enormous losses,' said Joseph Seneca, an economics and policy professor at Rutgers University.
Revel Casino Atlantic City Latest News
But the new casino, like the rest of Atlantic City, still faces an uphill battle amid intense competition from casinos out of state.
Annual revenue for all of Atlantic City's casinos fell 6.2% last year. This year, four out of 12 Atlantic City casinos were forced to close: Revel, Showboat, and the Trump Plaza Hotel and Casino closed at the end of the summer, while Atlantic Club Casino Hotel shut its doors in January.
That put about 8,000 people out of work.
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'We are certainly hopeful that this is a positive step forward for Revel and for Atlantic City,' said Ben Begleiter, a spokesman for the local casino workers' union.
Revel Casino Atlantic City Latest News Updates
Willis declined to say whether all 3,100 of Revel's workers will be rehired.