The Real Deal New York

Gamble? Brookfield Property plans to reopen Revel casino

Firm has been expanding into casinos and resorts

October 02, 2014 11:00AM

From left: Brookfield Property Partners CEO Ric Clark and Revel casino in Atlantic City

From left: Brookfield Property Partners CEO Ric Clark and Revel casino in Atlantic City

Brookfield Property Partners confirmed yesterday that it will reopen the Revel casino after picking up the right to buy the shuttered Atlantic City entertainment facility at auction for $110 million.

“We will be in discussions with all parties and partners involved to formulate a feasible plan that ensures the long-term viability of this property as a resort destination,” a Brookfield spokesperson told Bloomberg News via e-mail.

Brookfield declined to say when it would reopen the casino, which filed for bankruptcy for the second time in June and closed in September.

Toronto-based Brookfield Asset Management spun off Brookfield Property Partners last year to invest in assets outside its focus on office and retail properties. The company, which is expanding into gaming and resorts, also owns the Hard Rock Hotel and Casino in Las Vegas. [Bloomberg News] — Tom DiChristopher

  • art

    WHY AC…you’ll need more than luck just a waste of money.
    AC is failing it will never be a gambling mecca or attraction like Vegas.
    It never or never will be as all the casinos are slowly one by one filing for bankruptcy.
    It’s dirty, crime ridden, tacky and just not a place one wants to visit.
    Sorry, just stating the truth.

    • marc

      If no one wants to visit then let the market forces determine that. You have a right to your opinion and Brookfield has their own money in it. They are smart enough to have a beautiful property for pennies on the dollar. I think they’ll figure it out.

  • John Chiti

    Can’t wait to play the penny slots.

  • Bullied and Damaged by Rent Re

    Can the City Council pass a law that wipes gambling debts of elderly and disabled people especially with autism. I think the casino in Queens is causing a lot of family arguments and problems for innocent elderly customers. And no way should gambling debts be considered real debts especially if the customer is autistic.

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