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Tuesday, October 7, 2014

Brookfield gets court OK to purchase Atlantic City's Revel casino, (NYSE: BAM)

An affiliate of Brookfield Asset Management got court approval to purchase Atlantic City, New Jersey's shuttered Revel Casino Hotel for $110 million in cash on Tuesday after a judge rejected complaints the auction for the bankrupt complex was tainted."I have heard evidence to satisfy me that the sale to Brookfield should be confirmed," said U.S. Bankruptcy Court Judge Gloria Burns at the hearing in Camden, New Jersey.The Canadian investment firm's Brookfield Property Partners picked up the 1,400-room beachfront hotel and casino for a fraction of the $2.4 billion it cost to build."It's the most logical buyer with a gaming background who sees it as a state-of-the-art casino on the boardwalk," said John Cunningham, a White & Case attorney who represents Revel.

Brookfield Asset Management Inc. (Brookfield) is a global alternative asset manager. Shares of BAM fell by 0.42% or $-0.19/share to $44.86. In the past year, the shares have traded as low as $36.47 and as high as $48.45. On average, 468228 shares of BAM exchange hands on a given day and today's volume is recorded at 210737.