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Former Revel employees not guaranteed jobs if bankrupt casino reopens

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Former Revel employees not guaranteed jobs if bankrupt casino reopens

The closing of the Revel left more than 3,100 employees looking for work.

And according to the sale agreement with the bidder who acquired the $2.4 billion casino hotel for just $110 million, there is no guarantee any of them will get rehired when the casino reopens.

The owners of the bankrupt Revel last week announced an agreement to sell the high-profile Atlantic City property to Toronto-based Brookfield US Holdings LLC.

The company, which owns the Hard Rock Hotel and Casino in Las Vegas, and the Atlantis Paradise Island casino in the Bahamas, said it plans to ultimately bring Revel back to life as a casino, but has not indicated whether it would keep the Revel name.

In its sale agreement, Revel will hand over all assets needed to operate a casino—all gaming machines, equipment, computers, furnishings, and customer databases. However, the agreement also notes that Brookfield “shall have no obligation to make any offers of employment to employees.”

A spokesman for Brookfield declined to comment on whether the company would be looking to rehire former Revel workers.

“We’re not currently in a position to discuss the business plan as we continue to explore various options,” said Brookfield senior vice president Andrew Willis.

Attorneys for Florida developer Glenn Straub, who is fighting in U.S. Bankruptcy Court to overturn the sale, claiming the process had been tainted in a secret, behind-the-scenes proceeding marked by a “lack of transparency and fair play,” had offered $95 million for Revel, and promised to “give a priority of rehiring 90 percent of the employees who worked for Revel, before they lost their jobs due to the closing.” But the bid was rejected in favor of Brookfield.

Last week, meanwhile, Revel filed a notice in bankruptcy court that it planned to pay out $700,000 in incentive payments to a number of unidentified "key" Revel employees, if the property sale goes through, based on the $110 million sale of the casino. If Straub's lower bid had been accepted, those employees would have shared incentive smaller payments, totaling $500,000.

Officials at Local 54 UNITE-HERE, the largest casino workers union in Atlantic City, did not immediately respond to calls for comment.

Ted Sherman may be reached at This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Follow him on Twitter @TedShermanSL. Find NJ.com on Facebook.

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