Things have not gone to plan with the Revel Casino resort in Atlantic City since day one; in fact things went so badly for the casino that it failed to turn a profit and closed on September 2nd 2014. Since then mooted takeovers and buyouts have been reported, with the latest being Brookfield Asset Management.
Sadly even this Toronto based powerhouse has decided that Revel is a no go. They’ve announced that they will not be pursuing their acquisition, which leaves the resort in no mans land for the time being.
Brookfield were reportedly set to purchase the resort for a cut-price of 110 million Dollars; which on the face of it is a killer deal because it originally cost $2.4 billon to build. It seems that the sticking point lays with the underlying debts, which Brookfield understandably didn’t want to shoulder. What’s next for Revel? Who know.
