Bankruptcy auction to continue on Tuesday for former Revel casino-hotel

Industries Associated Press

A bankruptcy court auction for Revel, the failed luxury casino-hotel on the Atlantic City Boardwalk, is scheduled to resume.

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An auction that began last Wednesday was suspended due to the approach of the Rosh Hashanah holiday. It will continue on Tuesday.

Revel has refused to reveal details of what has transpired so far.

The former casino's management has received multiple bids for the property. The lone bid made public thus far is $90 million from Florida developer Glenn Straub, who envisions a gathering place for "geniuses" tackling a number of problems, with or without a casino.

The casino cost $2.4 billion to build, and had been open for just over two years before going out of business on Sept. 2.