17:30:50 EDT Wed 01 May 2024
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Brookfield Asset Management Inc
Symbol BAM
Shares Issued 628,676,279
Close 2014-10-31 C$ 55.17
Market Cap C$ 34,684,070,312
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Globe says Brookfield Asset mulls its Boardwalk future

2014-11-03 09:30 ET - In the News

The Globe and Mail reports in its Saturday edition Brookfield Asset Management is betting Atlantic City will make a comeback. The Globe's Tara Perkins writes a Brookfield unit is buying a $2.4-billion (U.S.) resort called Revel for just $110-million (U.S.), part of a push Brookfield is making into the casino business. Revel was supposed to help reinvent Atlantic City when it opened in 2012. While other establishments made the casino the focal point of their venue, gambling almost seemed like an afterthought. Instead it tried to offer a new level of luxury and celebrity with a 32,000-square-foot spa and four shows by Beyonce to kick off the grand opening. Now the building sits empty. Brookfield officials have yet to spell out their plans. When Revel finally opened after years of problems, it brought a new buzz to Atlantic City. The buzz did not last long. The resort faced the same competition and economic challenges as the other casinos, and it had some of its own problems, including wildly misjudging the "resort" market. Part of Brookfield's strategy will likely be to place more emphasis on meeting the needs of people who are already travelling to Atlantic City, and less on trying to draw a higher-end crowd.

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