Brookfield Asset Management’s bid of $110 million for Revel in Atlantic City was accepted by Chief U.S. Bankruptcy Judge Gloria Burns this week. The company plans to reopen Revel as a casino. No date has been announced. This beat out the $90 million bid made by Glenn Straub for his “Tower of Geniuses”.
Brookfield Asset Management is no stranger to the casino industry. It owns the Hard Rock Hotel and Casino just east of the Las Vegas Strip. It is the one of just two Hard Rock gaming establishment not owned by the Seminole Tribe. Brookfield Asset Management has a history of acquiring distressed assets and turning them around.
Local 54 of UNITE HERE of Atlantic City filed a counter offer to Trump Entertainment’s request to stop paying all pensions and health insurance on employees in a bid to keep Trump Taj Mahal open. The casino is scheduled to close on November 13, 2014. Trump Entertainment is seeking to stop all pension and health care payments, but that was blocked by a bankruptcy court last week. The company is also looking for concessions from state and local governments. Trump Entertainment has yet to file a petition to close Taj Mahal with the state.
The Plaza, located in downtown Las Vegas, now spreads some of the best video poker in the entire market. It upgraded virtually all of its machines to top tier payouts. Players will find games like full pay Jacks or Better and 10/7/5 Double Bonus throughout the casino floor. The bars even offer games that return 99.5% or more. This was done in conjunction with ceasing the double royal flush payout to Ace tiered players in the Royal Rewards program. Las Vegas Club, sister property to Plaza, also spreads some of the best video poker that can be found anywhere.
SLS Las Vegas is only about six weeks old but it is already reaching out to locals. The casino, located on the former site of Sahara, is offering all Las Vegas locals a $100 loss rebate. All table games, slots and video poker qualify for the promotion. Players will receive up to $100 in losses returned in the form of free play. The rebates will be processed no later than noon Monday for the previous week.
Caesars Entertainment carries about $24 billion in debt. Some of its bondholders are dissatisfied with the company’s restructuring that involves shuffling resorts to subsidiaries. This resulted in a notice of default being issued. Caesars Entertainment’s stock price was down 17% on Friday and is now trading at $9.13. This is a 52-week low and down nearly two-thirds from its 52-week high of $26.74. There are also new rumors that Rio may be on the market again.