Subscribe to Breaking News emails

You have successfully subscribed to the Breaking News email.

Subscribe today to be the first to to know about breaking news and special reports.

Firm Backs Out of Deal to Buy Atlantic City's Shuttered Revel Casino

/ Source: Associated Press

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

ATLANTIC CITY, N.J. — A Toronto-based company is abandoning its plan to buy the former Revel Casino Hotel in Atlantic City. Brookfield Asset Management said Wednesday in a brief statement that it had "terminated the Revel acquisition." The company planned to buy the casino for $110 million from bankruptcy court. Revel opened in April 2012 at a cost of $2.4 billion and never turned a profit. After filing for its second bankruptcy, its owners closed the casino resort on Sept. 2. Brookfield's decision to walk away from the deal was first reported by The Press of Atlantic City. Brookfield spokesman Melissa Coley tells the newspaper that the decision stems from a disagreement with bondholders controlling debt related to Revel's power plant.

IN-DEPTH

SOCIAL

— The Associated Press

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
MORE FROM news