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Revel casino atlantic city power11/15/2023 ![]() ![]() ![]() Brookfield walked away after it could not reach an agreement with bondholders over debt from the construction of the power plant. Seemingly intractable legal issues involving debt and the right of former tenants to continue doing business at Revel under new ownership continue to bedevil potential buyers. A previous deal to sell the casino to Toronto-based Brookfield Asset Management for $110 million fell through in November. The casino filed for bankruptcy twice and shut down on Sept. Its initial strategy to focus on high-end leisure travelers at the expense of convenience gamblers also hurt it, and by the time it did a 180-degree turnaround in its marketing strategy, it was probably already too late. Revel remained mired around seventh or eighth place among Atlantic City’s then-12 casinos in terms of the amount of money it won from gamblers. But it started construction just before the Great Recession hit, ran out of money and then had to borrow at interest rates it proved incapable of paying off when its casino revenues came in much lower than expected. Revel opened on April 2, 2012, with high hopes of helping to turn around Atlantic City’s slumping casino market, which is being hurt badly by growing numbers of casinos in neighboring states.
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