This might just be the biggest hotel flop ever…
The last time I visited Atlantic City, the Revel Casino was nearing completion. We drove behind the construction site on the way to a pizzeria close by. From what I could tell, the property (at least from the outside) looked pretty impressive, maybe almost like something that might belong in Las Vegas.
Since I’m not much of a gambler, I haven’t been back to Atlantic City for a couple of years now so I haven’t had a chance to check out the Revel.
After opening in 2012, the Revel closed on September 2, 2014. It remained open for business for around 2 years. With the closure, it has left thousands unemployed.
Here is the craziest part about the casino. It cost around $2.4 billion to build and in bankruptcy was purchased at auction for just $110 million by Brookfield Asset Management.
You’ve gotta wonder, did Brookfield just buy themselves the deal of the century? If the casino cost $2.4 billion to build, there has got to be a lot of value still inside.
According to Eater, “Brookfield has not yet said how it plans to redevelop the property“.
While thinking about the topic of hotel/ travel flops I came across an article from Fox News. Not so surprisingly, the Revel topped their list of world’s biggest and most expensive travel flops.
Check out Eater’s article about the Revel auction which also talks about some of the “notable restaurants” inside the hotel here.