By David Madden
ATLANTIC CITY, N.J. (CBS) — 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.
That’s no surprise to one business analyst.
Once Revel shut its doors last month, says Israel Posner at Stockton State College of New Jersey, the whole dynamic for going forward changed.
“They did not buy a going concern,” he notes, “and since it was an asset sale, it’s my understanding that they’re the owners of the building, the property, and the land.”
Everything else, he says, is up in the air.
Posner believes Brookfield needs the flexibility to hire people to staff their business model, which will include a casino.
Revel workers had voted to join Local 54, but the union had not worked out a contract before the closing.
(Brookfield Property Partners, a division of Brookfield Asset Management, will actually own and operate Revel.)