Bloomberg reports Brookfield Property Partners LP, the winning bidder for the shuttered Revel casino and hotel in Atlantic City, said it plans to reopen the property as it expands its investments in gambling venues.
The Bloomberg article notes Brookfield said it won the bankrupt casino property with a $110 million bid in an auction that ended at 5:30 a.m. New York time. The deal adds to its holdings of the Hard Rock Hotel and Casino in Las Vegas and three other resorts, including the Atlantis Paradise Island in the Bahamas, which the Bermuda-based company acquired in 2011.
Casino revenue in Atlantic City fell more than 40 percent to about $2.8 billion in 2013 from a peak of more than $5 billion in 2006. Battered by gaming competition in nearby states, Atlantic City has seen Trump Plaza, Caesars Entertainment Corp. (CZR)’s Showboat, Revel and the Atlantic Club close this year. Trump Taj Mahal may shut in November, leaving the resort city with seven casinos.
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