Canadian firm bids $98 million in Revel auction

ATLANTIC CITY, N.J. (AP) — A Canadian asset management firm that owns casinos in Las Vegas and the Bahamas has bid $98 million for the failed Revel Casino Hotel in Atlantic City, New Jersey.

Brookfield Asset Management of Toronto made the bid Tuesday night in a bankruptcy court auction. It’s vying with Florida developer Glenn Straub for the right to buy the $2.4 billion Revel for pennies on the dollar. Straub’s attorney could not immediately say whether he will submit a higher bid.

Brookfield owns the Hard Rock Hotel & Casino in Las Vegas and the Atlantis Paradise Island in the Bahamas. The company’s website says it is a global firm with headquarters in Toronto, with $200 billion in assets under management.

Revel closed on Sept. 2 after just over two years of operation.

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