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Atlantic City Boxing Scene: Revel Sold For Two Billion Dollar Discount, Taj Mahal to Close, Showboat Becomes a College
By Robert Brizel, Head Real Combat Media Boxing Correspondent
Atlantic City, NJ (November 16th, 2014)– In all likelihood, championship boxing will return early in 2015 to The Revel Hotel and Casino in Atlantic City. Brookfield Asset Management purchased the bankrupt Revel for 110 million dollars, over two billion less than was paid for it, and plans to reopen the resort very soon. The Revel, which originally opened in 2012, cost $2.4 billion dollars to build.
Brookfield Assets Management has owned the Las Vegas Hard Rock Hotel and Casino since 2011, and has operated the Atlantis Paradise Island Resort and Casino in the Bahamas since 2012. The Revel will reopen as a casino, but it is not yet known if Brookfield Asset Management will retain the Revel name or reopen the structure under a different name.Revel employs 3,100 workers. 8,000 people have lost their jobs since Atlantic City hotels and casinos began to close. It is not known if any of The Revel’s 3,100 workers will be rehired by the new group.
Meanwhile, Trump Taj Mahal Hotel and Casino has filed papers and will officially close its doors for good on December 12, 2014, joining the Trump Plaza, which has already closed. The company had sought state and local tax breaks. In filing a revised reorganization plan in Delaware bankruptcy court, Trump Entertainment Resorts said its board approved a permanent shutdown of the casino by December 12, 2014. Trump Entertainment is pursuing a longshot plan which would let billionaire investor Carl Icahn exchange $286 million in debt for ownership of the company. Icahn would invest $100 million into Trump Entertainment, but only if the company obtains $175 million in state and local tax breaks in New Jersey and Atlantic city first, which has not happened.
Richard Stockton State College of Galloway, New Jersey, which began its existence holding classes at the former Mayflower Hotel in Atlantic City in 1971, will return there. Stockton has purchased Showboat Hotel Casino in Atlantic City and will open a satellite campus there to double its enrollment of approximately 8500 undergraduate and graduate students. The Showboat sale includes 28 acres and the 1,425,000 square foot hotel and casino building. A confidentiality agreement prohibits the selling price from being revealed. The Caesars Corporation always turned a profit at showboat, but sold it to consolidate its operations.
Caesars also sold the adjacent Claridge Hotel to TJM Properties of Florida, which reopened Claridge as a nongaming hotel. TJM also purchased the Atlantic Club (Hilton) Hotel and Casino on the south end of the Atlantic City boardwalk, but rather than reopening that complex may resell it in the future.
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