Toronto firm wins Revel casino auction for $110M

 This acquisition is consistent with Brookfield’s history of contrarian investing and always on a value basis.”


“Revel is a brand-new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” said Andrew Willis, a spokesman for Brookfield Asset Management, the parent company of the firm that won the auction. “We are excited about owning the newest and highest quality asset in Atlantic City at such an attractive basis. But Tuesday night and early Wednesday morning, Stuart Moskovitz complained about the auction process and said the Brookfield offer that was made shortly before midnight came with a caveat that it be accepted by 6 a.m. An opposing bidder, Florida developer Glenn Straub, was selected as the backup bidder in case the Brookfield bid did not close on the deal.. “

That left Straub with little ability to effectively plan a counter-offer, he said.

Published October 01, 2014

The attorney for Straub could not immediately be reached after Revel announced its decision Wednesday morning. He said the property may or may not have had a casino.


FILE – This Oct. A fifth, the Trump Taj Mahal, may close on Nov. –  A Canadian asset management company that won a bankruptcy court auction for the failed Revel casino hotel in Atlantic City plans to re-open it as a casino.

Revel closed on Sept. 19, 2013 said that it will file for Chapter 11 bankruptcy protection in March, less than a year after it opened. Revel, the casino many people had hoped would turn around Atlantic City’s sagging fortunes, on Tuesday, Feb. 17, 2012 file photo shows the Revel, Atlantic City, N.J.’s newest casino. The Florida developer and polo aficionado had spoken of re-opened Revel as a so-called “genius academy” at which highly intelligent people would tackle the world’s biggest problems. (AP Photo/Wayne Parry, File) (The Associated Press)

Toronto-based Brookfield US Holdings LLC told The Associated Press on Wednesday it plans to operate the Boardwalk property as a casino hotel.

A bankruptcy court hearing to approve the sale is scheduled for Oct.

“With our ownership of the Hard Rock in Las Vegas and the Atlantis Paradise Island in Bahamas, we have expertise underwriting and operating these types of multi-faceted assets,” he said. Wednesday or else it would be withdrawn.

He said the company is not ready to reveal specific business plans for Revel — or even whether they will still call it Revel — but confirmed the plan to operate it as a casino-hotel.

That sets up a likelihood that Straub will challenge the proposed sale at the hearing next Tuesday in federal bankruptcy court in Camden.  “We anticipate material synergies between these three high-quality properties. 13.

It submitted a bid of $110 million in an auction that began Tuesday morning and lasted until early Wednesday. 2 after just over two years of operation, one of four Atlantic City casinos to go out of business this year

Leave a Reply