Among the many provisions included in the $110-million deal for Brookfield Property Partners to buy the closed Revel Hotel and Casino is a statement that the company is not necessarily tied to rehiring Revel workers.
For all the pain, one expert says things in Atlantic City are not as bad as they seem.
Reports indicate that developer Glenn Straub wants nothing to do with a casino, assuming the deal goes through in federal bankruptcy court. But what he might do with the $2.4-billion property is not clear.
Despite casino closures, Atlantic City is still a destination that draws 25 million visitors a year.
Today is the deadline for prospective buyers of the $2 billion dollar complex to submit sealed bids to a New York law firm. Those bids will be opened later in the week, and then it’s all up to a federal bankruptcy judge in Camden.
The people who run the Hard Rock franchise appeared to be backing off a potential deal.
Hard Rock has filed paperwork with New Jersey gambling officials to get the ball rolling toward opening a casino in Atlantic City.
The Atlantic Club, the old Hilton, tried to lure in locals with lower-priced table games, economical food, and entertainment. Even free parking.
The last time the casino “win,” as it’s called, was up was in August 2008.