Brookfield Asset Management on Wednesday reportedly won the auction for Atlantic City’s bankrupt Revel Casino Hotel with a US$110 million bid, Reuters reported.
Reuters cited two sources familiar with the situation as saying the Toronto-based company outbid Florida real estate developer Glenn Straub.
Revel Casino, which cost US$2.4 billion to build, opened in 2012 and closed September 2 after filing for its second bankruptcy in June.
Straub qualified as the backup bidder at US$95.4 million, which would take the place of Brookfield if the Canadian company cannot close the sale.
Revel Casino had agreed to use Straub’s initial US$90 million cash 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.
On Monday, Straub told Reuters he would challenge the results if he lost the auction because the process lacked transparency.
A hearing to approve the sale is scheduled for October 7 in the U.S. Bankruptcy Court in Camden, New Jersey.
Four Atlantic City casinos have closed this year as neighboring states have embraced gambling to pump up government revenue. The city had 12 casinos at the start of 2014.