Brookfield Asset Management is abandoning its plan to buy the shuttered Revel Casino Hotel in Atlantic City, a Brookfield spokeswoman told The Press of Atlantic City tonight.
Brookfield had planned to buy the 1,898-room hotel-casino for $110 million from bankruptcy court. Revel opened in April 2012 at a cost of $2.4 billion and never turned a profit. After filing for its second bankruptcy, its owners closed the casino resort on Sept. 2.
This has been a bad week for Atlantic City, with Trump Taj Mahal Casino Resort announcing that it will close next month. The Trump Taj Mahal is the fifth of Atlantic City's 12 casinos to shut this year.