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The company that won a bankruptcy auction to buy the now closed Revel Resort in Atlantic City has terminated the deal, according to NBC10 in Philadelphia.
Toronto-based Brookfield US Holdings, LLC spokesperson Andrew Willis said on Wednesday that the $110 million purchase is no longer moving forward.
Sources close to the situation tell NBC10's Ted Greenberg that the deal fell apart after ACR bondholders and South Jersey Industries refused to alter Revel's utility bill payment structure.
From NBC10:
The resort gets its power from a power plant, which is built adjacent to the casino and chills and heats water and provides electricity, that was built specifically for Revel's use. The power bill is $3 million a month or $36 million a year. The new owners wanted to change that price but the utility refused to, sources said.
This story was developing late Wednesday.
- Aaron Goldstein, Gambling911.com
