Troubles from the outset
The Revel Casino complex faced financial difficulties from the beginning. In the early stages plans for the casino complex had to be redrawn to reduce the number of hotel towers to just one because of a problem with finance. Things got worse in 2009 when construction had to be stopped as the financial problems continued. The year after that the major shareholder in the project, the financial group, Morgan Stanley sold its 90 per cent part of the complex and construction stopped again.
Bankruptcies and failed sales
Revel opened to great fanfare and was to lead the revival of Atlantic City’s downward spiralling casino industry. However the reality was that Revel made losses from the outset. The 12 000 square metre casino with 120 gaming tables and more than 2500 slot machines never brought in the hoped for revenue. Just a year after opening Revel declared itself bankrupt for the first time. Then in 2014 the company had to file for bankruptcy for the second time. Since there was no buyer for the casino complex, Revel closed down in September 2014.