{"id":25830,"date":"2014-10-02T08:29:30","date_gmt":"2014-10-02T08:29:30","guid":{"rendered":"http:\/\/gaming-awards.com\/NEWS\/?p=25830"},"modified":"2014-10-02T08:29:30","modified_gmt":"2014-10-02T08:29:30","slug":"ac-revel-finally-sold-for-110-million","status":"publish","type":"post","link":"https:\/\/gaming-awards.com\/NEWS\/ac-revel-finally-sold-for-110-million\/","title":{"rendered":"AC: Revel finally sold for $110 million"},"content":{"rendered":"

 <\/p>\n

\"Sold<\/a>

Sold for $110 million<\/p><\/div>\n

On Wednesday 1<\/span>st<\/span><\/sup> October the auction of the Revel Hotel and Casino was finally concluded with the winning bid of $110 million going to a Canadian asset management firm called Brookfield Holdings.<\/span><\/span><\/p>\n

In the end there were only two interested parties for the Revel that cost $2.4 billion to build only two and half years ago, the stalking horse bid of Glenn Straub for $90 million and that of Brookfield\u2019s.<\/span><\/p>\n

The Canadian company that won the bidding process at the court auction said it plans to re-open the Revel as a casino once more.<\/span><\/p>\n

Mayor Don Guardian said, “These are the first people that realized what I’ve been saying about Atlantic City turning the corner and being a great investment due to the low prices, “we’ve had a lot of bad news. This is certainly some good news.”<\/span><\/p>\n

However maybe not all is settled with Glenn Straub and his legal team considering whether or not to appeal the bidding process, following what the millionaire says was an-unfair process.<\/span><\/p>\n

Industry observers have questioned the suitability of Brookfield Management who already own a casino in the Bahamas and the Las Vegas based Hard Rock Casino, which in August failed to make an interest payment on the $1 billion debt they have attached to the property. The management said it was working with lenders to come to an arrangement on the payments.<\/span><\/p>\n

Brookfield spokesman Andrew Willis said,”Revel is a brand-new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” Willis said. “We are excited about owning the newest and highest quality asset in Atlantic City at such an attractive basis.”<\/span><\/p>\n

Details on the future of the Revel and indeed if it will be called the Revel again are un-clear, with no date specified for re-opening and exactly what the new Revel will be and look like.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

  On Wednesday 1st October the auction of the Revel Hotel and Casino was finally concluded with the winning bid of $110 million going to a Canadian asset management firm called Brookfield Holdings. 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