Revel Casino Hotel to Close Its Doors in September

by San Antonio Attorney

Two years ago, the people of Atlantic City hoped that Revel would revitalize the city’s struggling casino industry.

However, the $2.4 billion investment that was generally regarded as the last, best hope for the city’s gambling market will be closing, and could not find a new buyer even at a very low price.

Revel has laid off more than 3,100 employees and negatively affected local and state budgets. The failure of the casino shows just how ruthless the East Coast casino market these days and how hard it is for even the latest and finest gambling buildings to make it through in an oversaturated market.

Revel announced that it will close its 1,399 hotel rooms and casino on Sept. 10. In its most recent Chapter 11 filing, the company stated $486.9 million in assets and $476.1 million in liabilities.

According to Revel, its hardship was worsened by a huge non-controllable expenditure that fiscally mired the property. That is why it has to wind-down its business.

The company still hopes that a buyer will come through the bankruptcy process. Nevertheless it acknowledged that if the acquisition came, it would be after the shut down.

Israel Posner, who operates a gambling and tourism study institute at Richard Stockton College, thinks that Revel would be sold as a non-casino property because it has the newest, most beautiful building.

Revel was scheduled to be sold at a bankruptcy court auction a week ago, but that was delayed to give time to casino officials to review offers that they got. At a meeting, the board decided to close the casino.

Revel was launched in April 2012 as the newest casino in the city within the past nine years. It carried high hopes that it would revive Atlantic City’s gambling market. The city has since fallen to third place after Nevada and Pennsylvania.

Leave a Comment

Previous post:

Next post: