Brookfield Property Partners, a subsidiary of Toronto-listed asset management company Brookfield Asset Management, has withdrawn from the $110m acquisition of Atlantic City’s Revel Casino Hotel, potentially killing hopes of the venue reopening.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 in Las Vegas and the Atlantis resort and casino in the Bahamas, has now confirmed that it has terminated the acquisition.

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