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Atlantic City's Revel Casino Auctioned Off at $2 Billion Loss

What's next for the devalued property?

Jessica Kourkounis/Getty Images

Atlantic City's Revel Casino has come to its ultimate demise. Reuters confirms that the bankrupt property was purchased by Brookfield Asset Management at auction for $110 million.

Revel filed for bankruptcy back in June after reporting a $40.3 million loss the previous August and went on to close its doors on September 2. The casino was host a variety of notable restaurants by celebrity chefs, including Jose Garces' Yukoba Dim Sum and Noodle, Village Whiskey, and Amada, along with Marc Forgione's American Cut SteakhouseMichel Richards' The Breakfast Room and Central, and Alain Allegreti's Azure by Allegreti.

Revel opened in 2012 after costing about $2.4 billion to build, and was heralded Atlantic City's savoir. The Las Vegas-style sizzle, however, ended up being just a flash in the pan. Brookfield has not yet said how it plans to redevelop the property.

— Michael Benjamin