Where does one even start with this one. Six months ago we discussed the plight of Revel - New Jersey's "state of the art" casino - which filed for bankruptcy less than a year after opening its doors, despite numerous sunk incentives an millions of dollars in an "economic development incentive" by the financially troubled state.
ATLANTIC CITY, N.J. — Toronto-based Brookfield Asset Management is abandoning its plan to buy the former Revel Casino Hotel in Atlantic City, dealing another blow to a city reeling from a string of casino closures and the disappearance of thousands of jobs.
Brookfield said in a brief statement Wednesday that it had “terminated the Revel acquisition.”
The company planned to buy the casino for US$110-million from bankruptcy court. It had said it would reopen the business as a casino-hotel but never said how soon that would happen.
ATLANTIC CITY, N.J. — When it opened just over two years ago, many people hoped Revel would save Atlantic City’s struggling casino industry, which has been bleeding money and jobs for years.
But now the US$2.4 billion resort that was widely seen as the last, best chance for Atlantic City’s gambling market is shutting down, unable to find a buyer for even pennies on the dollar.
Anyone desperate to find clues to the "great American recovery" is strongly urged to stay away from Atlantic City, where shortly after the Revel hotel and casino filed for its second bankruptcy in 16 months, the struggling property announced it would shutter its doors for one final time in September, when not a single qualified buyer emerged during the bankruptcy auction. The good news: there will not be a Chapter 33 for the doomed from the beginning property. The bad news: the DOL will have to find a major seasonal adjustment to absorb the 3,100 jobs that were just lost.
ATLANTIC CITY, N.J. (AP) — Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, said Tuesday that it will file for Chapter 11 bankruptcy protection in March, less than a year after opening.