Toronto firm won´t buy Revel

Revel opened in April 2012 at a cost of US$2.4 billion but never turned a profit. After filing for its second bankruptcy, its owners closed the casino resort on Sept. 2.

Brookfield's announcement came as hundreds of casino workers were protesting a planned shutdown of the Trump Taj Mahal, which would become the fifth Atlantic City casino to close this year if it shutters in December as threatened. So far, 8,000 casino workers have lost their jobs; 3,000 more would be unemployed if the Taj Mahal closes on Dec. 12.

Casino revenues have been falling for years as a result of increased competition, including from neighboring Pennsylvania, now the second largest commercial gambling market in the nation.

When the first Pennsylvania casino opened in late 2006, Atlantic City's annual casino revenues were $5.2 billion. Last year they were $2.86 billion, and they will be significantly less than that this year.

A Florida developer who lost the bankruptcy court auction of Revel was challenging the court's decision to sell the property to Brookfield. Glenn Straub told The Press that he is still interested in the property. He has spoken of re-opening Revel as an academy but said he was not certain if it would retain a casino.