ATLANTIC CITY, N.J. (AP) - A Canadian asset management company won a bankruptcy court auction for the failed Revel casino hotel in Atlantic City.
Revel's management says Toronto-based Brookfield US Holdings LLC submitted a bid of $110 million in an auction that began Tuesday morning and lasted until early Wednesday.
The casino also said an opposing bidder, Florida developer Glenn Straub, was selected as the backup bidder in case the Brookfield bid did not close on the deal.
The two firms were the only ones to proceed to the auction.
A bankruptcy court hearing to approve the sale of the $2.4 billion casino hotel is scheduled for Oct. 7.
Revel closed on Sept. 2 after just over two years of operation, one of four Atlantic City casinos to go out of business this year as the seaside gambling market continues to struggle.
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