$2.4B bankrupt casino sells for $110M

It cost $2.4 billion to build Atlantic City's Revel casino and hotel a couple of years ago, but the property was just sold at a bankruptcy auction for a mere $110 million.

The winning bidder, Brookfield Asset Management, plans to reopen the venue as a casino, but it's unclear whether the Revel name will be kept, according to CNNMoney.

"The new owner got a high-cost asset at a rock-bottom price. They have a significant advantage over the original investors who took enormous losses," said Joseph Seneca, an economics and policy professor at Rutgers University.

Read more from CNNMoney.