Brookfield Asset Management Inc said on Wednesday that it was abandoning an earlier offer to purchase the shuttered Revel Casino Hotel in Atlantic City, New Jersey. The deal fell apart due to bondholders of ACR Energy Partners LLC and South Jersey Industries refusing to negotiate the costs related to a $36 million dollar energy provision agreement, according to a Revel source close to the sale negotiations who asked for anonymity.The resort is powered by the Inlet District Energy Center, which is operated by utility provider Energenic, a joint venture between Marina Energy and DCO Energy.Brookfield earlier planned to buy the casino for $110 million through its affiliate Brookfield Property Partners LP .The news was first reported by The Press of Atlantic City, a local news outlet. (bit.ly/1vqNhIr)
Brookfield Asset Management Inc. (Brookfield) is a global alternative asset manager. Shares of BAM fell by 0.3% or $-0.15/share to $49.73. In the past year, the shares have traded as low as $36.47 and as high as $50.55. On average, 521918 shares of BAM exchange hands on a given day and today's volume is recorded at 404323.
Brookfield Property Partners L.P. is a commercial real estate owner, operator and investor operating globally. Shares of BPY traded higher by 0.04% or $0.01/share to $23.44. In the past year, the shares have traded as low as $18.19 and as high as $23.57. On average, 258518 shares of BPY exchange hands on a given day and today's volume is recorded at 155194.
South Jersey Industries, Inc. (SJI) is an energy services holding company. Shares of SJI fell by 0.07% or $-0.04/share to $56.51. In the past year, the shares have traded as low as $51.77 and as high as $60.67. On average, 153786 shares of SJI exchange hands on a given day and today's volume is recorded at 95889.
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