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The parent company of the famed Hard Rock Hotel and Casino is poised to enter the Atlantic City casino market.
The Hard Rock parent company, Toronto-based Brookfield US Holdings LLC, won a bankruptcy court auction for the failed Revel in Atlantic City on Wednesday and plans to re-open it as a casino.
“Revel is a brand-new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” said Andrew Willis, a spokesman for Brookfield Asset Management, the parent company of the firm that won the auction. “We are excited about owning the newest and highest quality asset in Atlantic City at such an attractive basis. This acquisition is consistent with Brookfield’s history of contrarian investing and always on a value basis.”
It was not immediately known as to whether the property would been renamed the Hard Rock Casino Atlantic City or remain the Revel.
“With our ownership of the Hard Rock in Las Vegas and the Atlantis Paradise Island in Bahamas, we have expertise underwriting and operating these types of multi-faceted assets,” he said. “We anticipate material synergies between these three high-quality properties. “
Legalized gambling in New Jersey has been undercut by the closure of four casinos over this past year with another, the Taj Mahal, now in bankruptcy court.
- Aaron Goldstein, Gambling911.com
