ATLANTIC CITY, N.J. – A Toronto-based asset management firm won a bankruptcy auction for the former Revel Casino Hotel by bidding 5 cents on the dollar for Atlantic City’s newest casino.
Revel cost $2.4 billion to build, but Brookfield Asset Management will pay $110 million to buy it out of bankruptcy court. In a sale approved Tuesday, Brookfield got the property for a 95 per cent discount.
That, by any measure, is a deep discount. At 95 per cent off, you could also:
Hire Alex Rodriguez, who is due $21 million next year from the New York Yankees, to play third base for you all next season for just over $1 million. (The major league minimum salary for 2014 is $500,000.)
Buy a Lamborghini Gallardo (about $200,000 with options) for $10,000. That’s cheaper than a Hyundai Accent, a Kia Soul or a Nissan Versa.
Own Bird Cay, a private island in the Bahamas listed at $8.9 million, for $445,000, or the price of an average house in many towns at the Jersey shore.
Purchase an iPhone 6 (retail about $800 without service contract) for $40 about what some cellphone cases cost.
Sport a Gucci bright diamante handbag (list $1,550) for $77.50.
Take a 113-day cruise around the world on the Queen Mary 2 (price $30,000) for $1,500, or about the same as renting a beach house on New Jersey’s Long beach Island for a week in the summer.
Dine on four 7-ounce filet mignons and four 8- to 10-ounce lobster tails every night of the year ($50,370) for $2,149, or less than $6 per dinner.
Source: AP research
Wayne Parry can be reached at http://twitter.com/WayneParryAC