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This Casino Cost $2.4 Billion to Build Two Years Ago, but Just Sold at Auction for a Tiny Fraction of That

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People walk on The Boardwalk past the closing Revel Casino Hotel, Monday, Sept. 1, 2014, in Atlantic City, N.J. The most spectacular and costly failure in Atlantic City's 36-year history of casino gambling began to play out Monday when the $2.4 billion Revel Casino Hotel emptied its hotel. Its casino will close early Tuesday morning. Revel is shutting down a little over two years after opening with high hopes of revitalizing Atlantic City's struggling gambling market. (AP Photo/Mel Evans) AP Photo/Mel Evans

Brookfield Asset Management just got a roughly 95 percent discount on what was meant to be Atlantic City's high-end casino.

The company won the auction for the the bankrupt Revel Casino Hotel in Atlantic City with a $110 million bid, Reuters reported Wednesday.

The casino cost $2.4 billion to build, Reuters noted, and opened in 2012 and closed on Sept. 2 of this year.

People walk past the closing Revel Casino Hotel, Sept. 1, 2014, in Atlantic City, N.J. The most spectacular and costly failure in Atlantic City's 36-year history of casino gambling began to play out Sept. 1 when the $2.4 billion Revel Casino Hotel emptied its hotel. Its casino closed Sept. 2. Revel shut down a little over two years after opening with high hopes of revitalizing Atlantic City's struggling gambling market. (AP Photo/Mel Evans)

Revel Casino is one of several major Atlantic City casinos that has been forced to close this year as the one-time East Coast gambling mecca grapples with a steep decline in casino revenues.

Follow Zach Noble (@thezachnoble) on Twitter

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