Atlantic City’s Revel Sold to Owner of Hard Rock Las Vegas
October 2, 2014
Revel, the bankrupt luxury casino-hotel that cost $2.4 billion to build, has been sold for $110 million to a firm that owns casinos in Las Vegas and the Bahamas.
Revel officials said that Toronto-based Brookfield US Holdings LLC emerged as the successful bidder, after two days of secret, behind-the-scenes negotiating over the sale.
It said Florida developer Glenn Straub and his company, Polo North Country Club, who was the initial bidder for the property, was selected as backup bidder in the event the deal does not close, based on a $95.4 million bid.