Revel Auction Grinds Into Third Day

Florida developer, Canadian company vie for rights to the property.

Photo | Dan McQuade

Photo | Dan McQuade

Something strange has happened to the shuttered Revel Casino this week: It’s become a hot property.

An auction to sell off the casino will hit its third day today, with no clear winner yet in the bidding between Florida developer Glenn Straub, who wants to create a university for geniuses, and Brookfield Asset Management,  a Canadian company that manages casinos in  Las Vegas and the Bahamas.

AP reports:

Late Tuesday night, the attorney for Florida developer Glenn Straub said the auction was adjourning until Monday. But both sides later agreed to continue the auction and by early Wednesday a Canadian firm had submitted the high bid thus far.

Straub attorney Stuart Moskovitz said rival bidder Brookfield Asset Management, which owns casinos in Las Vegas and the Bahamas, had increased its offer from $98 million to more than $110 million, but was making that bid contingent on it being accepted by 6 a.m.

Straub was still deciding, at last report, whether to beat Brookfield’s bid.