The buyer for Atlantic City's Revel Casino has backed out of their deal.
An email statement was released by the Brookfield Property Partners LP that they
will no longer be buying the casino. The Toronto based company made the
The company had intended to reopen the casino. It currently owns Las Vegas's
Hard Rock Hotel & Casino. As well as the Bahamas Atlantis Resort.
The reason is due to failed negotiations in securing a reduced rate for
Originally there was a $3 million monthly contract made between Revel and ACR
Energy Partners LLC for utility services and electricity.
Last month Revel was purchased for $110 million. The company won via auction and
the purchase was given approval from the bankruptcy-court. Glenn Straub, a
developer from Florida, was outbid and challenged the process of the auction.
Revel closed in September of this year. It cost $2.4 billion to build the
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