Revel May Be in Better Hands with Brookfield Property Partners

Richard Collings and Kelsey Butler discuss Brookfield Property Partners LP winning Revel AC Inc. with a $110 million offer. The deal, expected to close in 60 days, may be delayed if stalking-horse bidder Polo North Country Club Inc. decides to appeal the Tuesday, Oct. 7, sale approval. Polo, which originally offered $90 million in cash for the Atlantic City, N.J., casino, has said the auction process was not transparent and changed on the fly. Revel's sale brightens what has been a bleak year in the city for casinos, with five facilities announcing potential or definite closures. The Atlantic Club Casino Hotel turned off its lights on Jan. 13; Showboat Atlantic City closed on Aug. 31; and Trump Plaza Hotel and Casino, whose parent, Trump Entertainment Resorts Inc., filed for bankruptcy on Sept. 9, closed Sept. 16. TER also said its Trump Taj Mahal Casino Hotel would be forced to close by Nov. 13 without major expense reductions and concessions from union workers.

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