Brookfield abandons plan to buy Atlantic City’s Revel Casino

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RevelNovember 22, 2014- We previously reported on the plans of Brookfield to sell their partially renovated Brookfield Place mess that has disrupted Battery Park City for four years (and has at least another year to go). The CEO of Brookfield North America was replaced abruptly as well.

Now, Brookfield has announced that another large project has fallen through. Reuters reports, “Brookfield Asset Management Inc said on Wednesday that it was abandoning an earlier offer to buy the shuttered Revel Casino Hotel in Atlantic City, New Jersey. The deal fell apart due to bondholders of ACR Energy Partners LLC and South Jersey Industries refusing to negotiate the costs related to a $36 million dollar energy provision agreement, according to a Revel source close to the sale negotiations who asked for anonymity. The resort is powered by the Inlet District Energy Center, which is operated by utility provider Energenic, a joint venture between Marina Energy and DCO Energy. Brookfield earlier planned to buy the casino for $110 million through its affiliate Brookfield Property Partners LP .”

The fate of Revel Casino impacts Tribeca’s own LDV Hospitality and their American Cut restaurant located inside. Marc Forgione is the chef of American Cut.

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