Brookfield Cancels Bid to Buy Bankrupt Revel

The Revel Casino closed its doors less than two years after opening. Will it find life after death?

This year, any gambling news coming out of Atlantic City is bad news. Earlier in 2014 the Revel Casino and Hotel in Atlantic City filed for bankruptcy less than two years after opening. While the casino's owners hoped to recoup some of their losses by selling the complex, they're having a difficult time finding a buyer.

Brookfield Asset Management had agreed to pay $110 million for the building, but recently abandoned their bid due to the inability to reach an agreement with ACR Energy Partners, which insists that its outstanding $36 million energy provision agreement with the casino be honored.

Florida developer still interested

While Brookfield has taken itself out of the running, Florida real estate developer Glen Straub is still interested, even after being outbid by Brookfield earlier in the process. Straub's plans for the building are not clear, although it's certain that its days as a casino are over.

The Revel was built in 2012 at a cost of $2.4 billion. It failed to turn a profit due to competition from casinos in nearby Philadelphia. While Atlantic City casinos in general are struggling, state lawmakers hope to give the industry a boost by making New Jersey the fifth state where people can legallybet on sports in America.