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Brookfield Property Drops Plan to Buy N.J.’s Revel Casino

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Brookfield Property Partners LP dropped plans to buy the shuttered Revel Casino in Atlantic City, New Jersey, in a new setback for the state’s shrinking gambling industry.

The Toronto-based investment company announced the decision yesterday in an e-mail. Brookfield was unable to win a reduction in electricity payments, according to two people with knowledge of the matter who weren’t authorized to speak publicly and asked not to be identified.