Atlantic City's Revel Casino Hotel cost $2.4 billion to build and was closed after two years. A Colorado developer has paid $200 million for Revel and will reopen the property under the name of. Jan 26, 2018 Now, while the casino cost over $1 billion to build, Straub only paid $85 million to buy it. So, while the number may seem like a pittance, it was actually a pretty reasonable offer considering how little Straub comparatively put into the operation.
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- How Much Did The Revel Casino Cost To Build
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- How Much Did Revel Casino Cost To Build
It cost $2.4 billion to build Atlantic City's Revel casino and hotel a couple of years ago, but the property was just sold at a bankruptcy auction for a mere $110 million.
Winning bidder Brookfield Asset Management plans to reopen the venue as a casino, but won't say whether it will keep the Revel name.
Brookfield has owned the Hard Rock Hotel and Casino in Las Vegas since 2011, and hasalso run the Atlantis Paradise Island resort and casino in the Bahamas since 2012.
The deal still needs to be approved by the bankruptcy court judge, but it looks like Brookfield is about to score a tremendous bargain.
Cost To Build A Casino
The extremely lowprice may be the key to making the new casino a success in the same exact spot where Revel failed.
'The new owner got a high-cost asset at a rock-bottom price. They have a significant advantage over the original investors who took enormous losses,' said Joseph Seneca, an economics and policy professor at Rutgers University. Poker room magic casino.
But the new casino, like the rest of Atlantic City, still faces an uphill battle amid intense competition from casinos out of state.
Annual revenue for all of Atlantic City's casinos fell 6.2% last year. This year, four out of 12 Atlantic City casinos were forced to close: Revel, Showboat, and the Trump Plaza Hotel and Casino closed at the end of the summer, while Atlantic Club Casino Hotel shut its doors in January.
That put about 8,000 people out of work.
'We are certainly hopeful that this is a positive step forward for Revel and for Atlantic City,' said Ben Begleiter, a spokesman for the local casino workers' union.
How Much Did The Revel Casino Cost To Build
Willis declined to say whether all 3,100 of Revel's workers will be rehired.
CNNMoney (New York) First published October 1, 2014: 5:22 PM ET
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How Much Did Revel Casino Cost To Build
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