ATLANTIC CITY, NJ—Analysts believe that the new ownership of the bankrupt and shuttered Revel Casino and Hotel here could help change the gloomy outlook for Atlantic City and perhaps increase revenues as well.
A U.S. Bankruptcy Court judge is expected to rule on Tuesday on the $110-million bid by Toronto-based Brookfield Asset Management for Revel. Brookfield has stated that if it takes ownership it wants to continue to operate Revel as a casino.
Frank Catania, president of gaming analysis company Catania Consulting Group of North Haledon, says that a Revel turnaround could change the public image of the city, according to The Record.
“You've got this $2.3 billion-dollar building sitting on the north end of the Boardwalk—for it to be vacant would be devastating,” says Catania. “You don't want people to have the outlook that no one wants to go there anymore.”
David G. Schwartz, director of the Center for Gaming Research at the University of Nevada Las Vegas, says Revel could still provide Atlantic City with an economic boost.
“I think that if you get an operator in who can attract people who are not already coming to Atlantic City, it can be a net gain,” said Schwartz, an Atlantic City native. “It is definitely a property that's unique in that market.” See story in The Record.
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