WASHINGTON, TRENTON, WILMINGTON (Bloomberg) — Brookfield Property Partners LP, the winning bidder for the shuttered Revel casino and hotel in Atlantic City, New Jersey, said it plans to reopen the property as it expands its investments in gambling venues.

“We will be in discussions with all parties and partners involved to formulate a feasible plan that ensures the long-term viability of this property as a resort destination,” Melissa Coley, a Brookfield spokeswoman, said in an e-mail. She declined to comment on the timing of a reopening.

Brookfield today said it won the bankrupt casino property with a $110 million bid in an auction that ended at 5.30am. New York time. The deal adds to its holdings of the Hard Rock Hotel and Casino in Las Vegas and three other resorts, including the Atlantis Paradise Island in the Bahamas, which the Bermuda-based company acquired in 2011.

Gambling properties have attracted opportunistic investors in the wake of the financial crisis. In May, Blackstone Group LP agreed to buy the Cosmopolitan of Las Vegas hotel and casino for $1.73 billion from Deutsche Bank AG, which sought to end its money-losing foray into casino development.

Casino revenue in Atlantic City fell more than 40 percent to about $2.8 billion in 2013 from a peak of more than $5 billion in 2006. Battered by gaming competition in nearby states, Atlantic City has seen Trump Plaza, Caesars Entertainment Corp’s Showboat, Revel and the Atlantic Club close this year. Trump Taj Mahal may shut in November, leaving the resort city with seven casinos.

“Under the circumstances, the auction produced the best result possible,” said Michael D Sirota, a lawyer for Revel’s unsecured creditors. Brookfield hasn’t “shared with us their plans,” he said in a phone interview.

Built at a cost of $2.4 billion, Revel was envisioned as a resort first and a casino second. Struggling financially after its April 2012 opening, Revel introduced a “Gamblers Wanted” marketing campaign last year. Its parent company, Revel AC Inc, filed for bankruptcy twice, and the resort ceased operations on September 2. When it opened, Revel was the first new casino in Atlantic City since 2003.

“Revel is a brand-new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” Coley said. “We are excited about owning the newest and highest-quality asset in Atlantic City at such an attractive basis.”

Revel said it plans to seek approval of the sale at an October 7 hearing in US Bankruptcy Court in Camden, New Jersey.

Florida real estate developer Glenn Straub, who was outbid by Brookfield, said in a phone interview that he plans to challenge the sale at the hearing.

Straub was asked last night to make a counter bid at about 11.30pm after Brookfield increased its offer to $110 million from $98 million with the condition it be accepted by 6am. Though Straub said he could have bid as much as $135 million, he didn’t have enough time to put together a new offer.

“In the night-time we couldn’t get a hold of the whole fleet of people that worked on this bid,” Straub said. “We were willing to go ahead to rebid. We said we needed four more hours to do it. There was no reason to break and to award them the business.”

“Revel would have liked to have received a $135 million bid, but we didn’t get one from Mr. Straub,” John K. Cunningham, a Revel attorney, said in a phone interview. “We gave Mr. Straub every opportunity to make another bid, we stayed up all night and we didn’t receive any,” he added. He said Straub told them he wouldn’t be able to make a counter-offer until October 6. Brookfield “made an offer we couldn’t refuse” and couldn’t risk it to find out later that Straub wasn’t willing to pay more and revert to Brookfield’s $98 million bid, he said.

The auction was run within the court approved procedures and all of Straub’s claims are “baseless,” Cunningham said. “All he is, is a disgruntled losing bidder.”

Brookfield Property was spun off last year from Toronto-based Brookfield Asset Management Inc., Canada’s largest manager of alternative assets, to pursue purchases beyond its traditional focus on office and retail real estate. Since the spin-off, Brookfield Property has expanded in rental housing and acquired Thayer Lodging Group, US industrial real estate, European distribution facilities and office and hotel assets in Australia.

Brookfield Asset Management took advantage of the credit crisis to accumulate a stake in the once-bankrupt General Growth Properties Inc., the second-largest US shopping mall landlord. In 2013, the company raised $4.4 billion to buy commercial real estate around the world. The new fund, Brookfield Strategic Real Estate Partners, aims to make opportunistic investments in North America, Europe, Brazil and Australia.

The bankruptcy is In re Revel AC Inc., 14-bk-22654, US. Bankruptcy Court, District of New Jersey (Camden).