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Brookfield Wins Bidding for Bankrupt Revel Casino

Revel Casino, which cost $2.4 billion to build, opened in 2012 and closed on Sept. 2.
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/ Source: Reuters

Brookfield Asset Management has won the auction for Atlantic City's bankrupt, $2.4 billion Revel Casino Hotel with a $110 million bid. Revel said in a statement that Brookfield's bid was the highest and best bid it received during the process. It topped a $90-million bid by Florida real estate developer Glenn Straub.

Revel Casino opened in 2012 and closed on Sept. 2. It was meant to be a Las Vegas-style resort, but its fine dining, striking design and entertainment did not catch on in a city that relies on bus tours and buffets. Revel Casino had agreed to use Straub's initial bid to set the benchmark for other potential buyers. Straub had said he wanted to create a university at the site to attract the world's brightest minds to tackle social problems such as hunger. He threatened on Monday to challenge the results if he lost the auction because the process lacked transparency.

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-- Reuters