Toronto firm that won Revel at bankruptcy auction plans to reopen it as a casino

A Canadian asset management company that won a bankruptcy court auction for the failed Revel casino hotel in Atlantic City plans to re-open it as a casino.

Toronto-based Brookfield US Holdings LLC tells The Associated Press it plans to operate the Boardwalk property as a casino hotel.

It submitted a bid of $110 million in an auction that began Tuesday morning and lasted until early Wednesday.

An opposing bidder, Florida developer Glenn Straub, was selected as the backup bidder in case the Brookfield bid did not close on the deal.

A bankruptcy court hearing to approve the sale is scheduled for Oct. 7.

Revel closed on Sept. 2 after just over two years of operation, one of four Atlantic City casinos to go out of business this year.