The Financial Post reports in its Thursday, Oct. 2, edition that Brookfield Asset Management's Brookfield US Holdings LLC has agreed to pay $110-million (U.S.) for bankrupt Revel Casino Hotel in Atlantic City. An Assocated Press dispatch to the Post reports that Brookfield scored the casino through a bankruptcy court auction. The two-year-old casino cost $2.4-billion (U.S.) to build. Brookfield already owns casinos in Las Vegas and the Bahamas. Mayor Don Guardian says, "These are the first people that realized what I've been saying about Atlantic City turning the corner and being a great investment due to the low prices." 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 Brookfield did not close on the deal. A bankruptcy court hearing to approve the sale is scheduled for Oct. 7. "Revel is a brand-new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost," says Brookfield Asset Management spokesman, and former Globe and Mail poopmeister, Andrew Willis. He says the acquisition is consistent with Brookfield's history of contrarian investing.