Brookfield Asset Management has won the auction for Atlantic City's bankrupt Revel Casino Hotel, Reuters reported today. The company bid $110 million for the casino complex, topping a $90-million bid by Florida real estate developer Glenn Straub, who did not submit a superior bid by 5:00 a.m. ET. Revel Casino, which cost $2.4 billion to build, opened in 2012 and closed on Sept. 2. Revel Casino had agreed to use Straub's initial bid to set the benchmark for other potential buyers. Straub had said that he wanted to create a university at the site to attract the world's brightest minds to tackle social problems such as hunger. The case is In re: Revel AC Inc., U.S. Bankruptcy Court, District of New Jersey, No. 14-22654.
