Revel Casino in Atlantic City Sells at Auction for $110 Million, Takes Over a $1.5 Billion Loss

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Brookfield Asset Management has won the auction for Atlantic City’s bankrupt, $2.4 billion Revel Casino Hotel with a $110 million bid. Revel said in a statement that Brookfield’s bid was the highest and best bid it received during the process. Congratulations! However, this comes as pretty bad news for Revel overall.

Revel Casino Hotel costs roughly $2.4 Billion dollars to build and sold for $110 Million. We’re no mathematicians but that’s a pretty huge loss.

Revel Casino closed on Sept. 2, 2014. It was meant to be a Las Vegas-style resort, with fine dining, beautiful architecture and luxurious rooms. However, it failed to appeal to the masses in Atlantic City who typically go for cheap over night stays and  buffets.

A hearing to approve the sale is scheduled for Tuesday, Oct. 7 in the U.S. Bankruptcy Court in Camden, New Jersey, where Judge Gloria Burns is overseeing the case

[via NBC News]

Monica Adams | News Cult

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