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Revel New Owner No Longer Purchasing Casino

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November 20, 2014

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 announcement yesterday.

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 electricity.

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 property.

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