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Canadian developer wins auction for Atlantic City's bankrupt Revel Casino

A Canadian developer won the auction for Atlantic City's bankrupt Revel, offering $110 million for a casino built at a cost of $2 billion.

By Frances Burns

ATLANTIC CITY, N.J., Oct. 1 (UPI) -- A Canadian development company that already operates casinos in Las Vegas and the Bahamas plans to make Atlantic City's bankrupt Revel its third.

Brookfield Property Partners was declared the winner of an auction for the Revel Casino Hotel late Tuesday. The company's final offer was $110 million for a property that cost $2 billion or more to build.

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Andrew Willis, a spokesman for the parent company, Brookfield Asset Management, said the company believes there will be "synergies" between Revel and its other casinos, the Hard Rock in Las Vegas and the Atlantis Paradise Island in the Bahamas. He did not go into specifics about plans.

"Our expertise is running casino, hotel properties," Willis said.

Revel, the newest casino in Atlantic City, shut down after Labor Day weekend. The owners hoped a more luxurious hotel and casino resort would lure younger customers, but Revel never made a profit and declared bankruptcy twice in its brief history.

Three other casinos have closed this year in Atlantic City, and the owners of the Trump Taj Mahal are trying to win concessions from employees, threatening closure.

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