11/20/2014 12:08 EST | Updated 01/20/2015 05:59 EST

Brookfield abandons bet on Atlantic City's Revel Casino

Brookfield Asset Management has decided not to gamble on the former Revel Casino Hotel in Atlantic City, N.J.

The Toronto-based company announced Wednesday that it has terminated its acquisition of the hotel and casino from a bankruptcy court.

The company planned to buy the defunct casino, built at a cost of $2.4 billion US, for $110 million.

It had planned to revive the resort, shut since June, as Atlantic City makes attempts to reboot its attractiveness as a tourist destination.

A Brookfield spokesman told an Atlantic City newspaper that the decision to withdraw the offer stems from a disagreement with bondholders controlling debt related to Revel's power plant.

Atlantic City is in decline as Americans abandon the gambling habit. About a third of its casinos have closed, including Trump Plaza.