Bids for Revel (AC)

Can't say I'm surprised, but looks like Revel will be picked up for a song ala Fontainbleau(sp).

Brookfield bids for Atlantic City's Revel Casino

" An affiliate of Brookfield Asset Management has topped Florida real estate developer Glenn Straub's $90 million bid for the bankrupt Revel Casino Hotel in Atlantic City, The Wall Street Journal reported, citing sources.

The auction started on Wednesday with Straub's all-cash bid, but was adjourned until Tuesday for the Jewish Rosh Hashanah holiday.

Brookfield, which owns the Hard Rock Hotel and Casino Las Vegas, could not immediately be reached for comment. ..."

https://www.cnbc.com/id/102046174

I believe Broofield has been trying to get into AC for a while; this could be a steal. Beautiful facility, they just have to be agressive in marketing to gamblers

Looks like it is now a done deal for Brookfield at $110,000,000 or about 4.5 cents on the dollar relative to original cost.

Final Bid Story

https://www.msn.com/en-us/news/world/revel-buyers-plan-to-re-open-it-as-a-casino/ar-BB6NOiy?ocid=ansnewsap11

The story indicates Brookfield intends to keep a casino open there.

Apparently in addition to the Hard Rock Hotel in Las Vegas, they also own the Atlantis Resort and Casino in Paradise Island, Nassau, Bahamas.

I'm pretty sure at the Hard Rock they just lease out the casino to a separate casino operator



ST