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New York

Gamble? Brookfield Property plans to reopen Revel casino

Firm has been expanding into casinos and resorts

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.

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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

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Atlantic CityBrookfield Property PartnersRevel Casino