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Brookfield Property Partners pulls out of Revel acquisition

20th November 2014 9:47 am GMT

Brookfield Property Partners, a subsidiary of Toronto-listed asset management company Brookfield Asset Management, has withdrawn from the $110m acquisition of Atlantic City’s Revel Casino Hotel, potentially killing hopes of the venue reopening.

Brookfield Property Partners was announced as the winning bidder of a controversial bankruptcy auction last month. It agreed to pay $110m for the venue and immediately announced plans to reopen Revel as a casino.

However, Brookfield, which also owns the Hard Rock Hotel and Casino [...]

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