Yesterday, developers Brookfield Property Partners won the bid to purchase the shuttered and bankrupt Revel Casino in Atlantic City. Brookfield later confirmed to Bloomberg that they would return Revel to something of its former glory and reopen the highly-anticipated but failed property. Melissa Coley, a spokesperson for the company, said that the group is in talks "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 re-opening date has not been set.
Brookfield tells Bloomberg that it has been looking into expanding its portfolio of casino and gambling properties, and its acquisition of Revel represents a huge stride in that direction. That is, if it succeeds in turning Revel into a profitable property. The group also owns the Hard Rock Hotel and Casino in Las Vegas and the Atlantis Paradise Island in the Bahamas.
Revel's woes began not long after it opened in 2012. Less than a year later, Hurricane Sandy hit Atlantic City, and though Revel didn't suffer from that much structural damage, the tourism trade dried up in Atlantic City the rest of that season. Though acclaimed chefs — including NY-based chef Marc Forgione (American Cut) and chef Jose Garces (Yuboka Dim Sum, Distrito Taco Truck, Garces Group) — drew East Coasters to the property, it wasn't enough to keep the resort afloat.
Can Brookfield position the casino and resort as approachable while maintaining its expensive, Vegas-like aesthetic? The property group has just bet $110 million on that very idea.
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