REVEL CASINO SOLD FOR $110 MILLION AT AUCTION

The former Revel Casino has new owners. Brookfield Property Partners purchased the property at auction for $110 million. The casino was originally built for $2.4 billion. The man who put in the initial bid of $90 million, Glenn Straub, will get $3 million for losing out in the bidding process. Brookfield owns casino properties in Las Vegas and Bahamas, but hasn’t yet made public what they want to do with the property. Revel is one of four casino properties to close in Atlantic City this year.