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Atlantic City, N.J.'s Revel Casino Hotel is still searching for its savior.

An auction to sell the towering boardwalk property was adjourned Wednesday afternoon without naming a winner.

The bankruptcy professionals running the auction dismissed bidders in advance of a Jewish holiday that begins at sundown. The auction will resume next Tuesday.

Glenn Straub, a Florida real estate developer who has offered $90 million in cash for the property, expressed frustration over the lack of progress Wednesday, saying that lawyers for Revel were "dragging their feet."

"It's a shame," Mr. Straub told The Wall Street Journal. "We have a limitation as to how long we can wait around."

Craig Galle, a Florida lawyer representing Mr. Straub, said the auction process was mainly conducted behind closed doors.

"The auction process was supposed to be open and transparent. It was not," said Mr. Galle. "It was secretive with closed door meetings and private negotiations from which Mr. Straub and I were excluded. "

A Revel spokeswoman declined to comment.

Mr. Straub has ambitious plans for Atlantic City, calling his bid to buy Revel "one little acquisition."

Mr. Straub said he imagines installing a university at Revel, one that would tackle complex problems like nuclear waste disposal.

Beyond Revel, Mr. Straub planned considerable changes to Atlantic City to make it more appealing as a resort town, something closer to what he experienced when he first visited Atlantic City with his mother when he was eight years old.

"Somebody's got to tie it all together," he said. "The casinos don't have time."

Should another bidder top his offer for Revel, Mr. Straub will collect a $3 million breakup fee for serving as the lead bidder.

Rival bidders could include Richard Meruelo, whose family invests in real estate and last year made a failed attempt to buy the Trump Plaza casino in Atlantic City. Mr. Meruelo expressed his desire to bid on Revel in bankruptcy court last week.

No matter who wins the auction, the winning bid is still subject to approval from Judge Gloria Burns.

Revel, a glittering, 47-story tall resort, is expected to sell for a small fraction of its original $2.4 billion price tag

The casino and hotel shut its doors early this month after it failed to find a buyer to save it from its second bankruptcy in as many years.

Prior to shutting down, Revel had employed more than 3,000, and its retail, food and beverage partners employ hundreds more, court papers show.

Revel made its boardwalk debut in 2012, but failed to turn a profit, filing its second Chapter 11 case in June.

Revel emerged from its first bankruptcy in May 2013 under the control of its lenders after having slashed more than $1 billion in debt from the balance sheet.

—Patrick Fitzgerald contributed to this article.