The Globe and Mail reports in its Thursday edition Brookfield Asset Management is abandoning its plan to buy the former Revel casino hotel in Atlantic City, dealing another blow to a city reeling from a string of casino closings. An Associated Press dispatch to The Globe quotes a brief Brookfield statement Wednesday as saying it had "terminated the Revel acquisition." The company planned to buy the casino for $110-million from an American Bankruptcy Court (all figures U.S.). It had said it would reopen the business as a casino-hotel. Revel opened in April, 2012, at a cost of $2.4-billion and never turned a profit. It closed 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. Casino revenues have been falling for years as a result of increased competition. 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. The decision stemmed from a disagreement with bondholders controlling debt related to Revel's power plant.