Local Analysts Weigh In On Canadian Firm's Chances Of Saving Revel Casino
By David Madden
ATLANTIC CITY, NJ. (CBS) -- A hearing is set next week in federal bankruptcy court on whether to approve a $110 million bid to take over the closed Revel Hotel and Casino in Atlantic City. KYW's David Madden talked to a pair of independent gaming analysts about the chances for a turnaround in the fortunes of what was supposed to be a 2.4 billion dollar masterpiece.
Brookfield Asset Management has some experience in turning troubled casinos around -- having done so in Las Vegas and the Bahamas. Joe Weinert with the Spectrum Gaming Group says Brookfield will be challenged to go three for three.
"Right now, with this being a shuttered property," Weinert says, "I think it will be in everybody's best interest to accelerate all processes that will help get this reopened and people employed."
In time for next summer.
Roger Gros with Global Gaming Business Magazine concurs believes Brookfield could make it work. But he says two of the biggest hurdles will involve getting tax assessments lowered in Atlantic City, not to mention the electric bill for the mega resort.
"If they can negotiate with the city over the taxes and if they can negotiate with the power company that they're involved with for a reasonable rate," Gros says, "I think it can be a very successful property."
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