Brookfield obtained ownership of the Atlantis -- which was developed by South African hotelier Sol Kerzner -- through a 2012 debt restructuring. The company has US$365 billion in assets under management, of which US$191 billion are allocated to real estate investments.
Earlier this year, Brookfield was close to selling Atlantis to Ashkenazy Acquisition Corporation, but that New York investment firm dropped out late in the process upon finding previously undiscovered deferred maintenance costs that would have driven the deal price higher.
Atlantis has over 700 slot machines and dozens of table games. The casino also offers horse racing and sports wagering. Competitors include the Baha Mar Casino at Grand Hyatt, the largest casino in the Bahamas, Crystal Palace, and Resorts World Bimini Casino. Overall, there are five gaming properties on the Caribbean island.
There is also an online gaming industry in the Bahamas, one the government there has sought to increase taxes on in a big way. Last year, the Bahamas government attempted to raise taxes on online gaming operators to 20% to 50% of GGR from the established rate of 11%.
