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Tuesday, September 30, 2014

Brookfield bids for Atlantic City's Revel Casino - WSJ, (NYSE: BAM)

An affiliate of Brookfield Asset Management has topped Florida real estate developer Glenn Straub's $90 million bid for the bankrupt Revel Casino Hotel in Atlantic City, the Wall Street Journal reported, citing sources. The auction started on Wednesday with Straub's all-cash bid, but was adjourned until Tuesday for the Jewish Rosh Hashanah holiday.Brookfield, which owns the Hard Rock Hotel and Casino Las Vegas, could not immediately be reached for comment.If Straub loses the auction, he will collect a $3 million breakup fee for serving as the lead bidder, the newspaper said. ( said on Monday that he would challenge the results if he lost the auction because the process lacked transparency.

Brookfield Asset Management Inc. (Brookfield) is a global alternative asset manager. Shares of BAM fell by 0.64% or $-0.29/share to $45.10. In the past year, the shares have traded as low as $36.47 and as high as $48.45. On average, 455898 shares of BAM exchange hands on a given day and today's volume is recorded at 425479.