CAMDEN, N.J. — A federal bankruptcy judge on Tuesday approved the sale of Atlantic City’s former Revel Casino Hotel for 5 cents on the dollar to a Toronto asset management firm.

Judge Gloria Burns approved the sale to Brookfield Asset Management for $110 million.

She turned aside numerous objections from the losing bidder, Florida developer Glenn Straub, who complained that Revel’s lawyers reneged on a promise to share information on competing bids, something Revel has denied.

“The best news is Revel is going to reopen as a casino,” said John Cunningham, one of Revel’s attorneys. “It’s not going to be a university.”