Brookfield is Topping Bidders for the Revel in Atlantic City

The Revel declared bankruptcy less than two years after opening. Bidders are competing in an auction to buy the facility.

The Revel Casino in Atlantic City was an expensive investment that lasted less than two years in operation; closing its doors last month, the casino cost $2.4 billion to build but never succeeded in getting enough people to sit down at its countless blackjack tables and American poker rooms.

While the Revel’s days as a casino are over, it looks like the building can still serve the city of Atlantic City in some capacity. The casino’s ownership expressed the intention to sell the casino to a buyer committed to keeping the building in use.

Brookfield is leading, but the bidding isn’t over

The auction opened on Wednesday, and while Brookfield Asset Management hasn’t been awarded the property, the company’s offer has trumped the $90 million bid made by Florida real estate developer Glenn Straub. Straub has indicated that if he loses the auction he will challenge the outcome in court.

Either way, the Revel proved to be the icing on the cake after several years of bad gambling news out of Atlantic City. After earning a record $5.21 billion in 2006 the city’s casinos have seen steadily declining revenues.

There were 12 casinos in operation in Atlantic City at the beginning of 2014, but by the end, there will only be eight remaining.