Two years is not a long lifetime for a casino but it seems as if the once much heralded Revel Casino will finally close its doors on the 1st of September 2014. The Revel Casino has had a chequered history and at one time it seemed as if it might never open when the main investor pulled out of the project in 2011 losing over a billion dollars. There had been great hopes when it opened in 2012 that Revel, which was the first new casino to be built on Atlantic City’s Boardwalk, would help increase the state’s declining casino revenue. However, Revel did not live up to these expectations and from the beginning the casino never made a profit.
No Prospective Buyers
Revel cost 2.4 billion dollars to construct and has never brought its investors any real gain after they came up with over a billion dollars in 2011 so that the casino resort could be finished. The owners had hoped that a buyer would come forward in recent months but there were no bids for an auction that was to have taken place earlier this month. The Revel Entertainment Group has had to face bankruptcy proceedings twice and it asked the Division of Gaming Enforcement if it could close definitively this week. It claimed that Revel Casino is losing a million dollars each week that it remains open. However, the request was refused as this was thought to be too short a time frame in which to close down the operation properly. Now it looks as if Revel will close on the 1st of September or on the 10th at the latest.
More job losses for Atlantic City
At the beginning of this year, Atlantic City had 12 land based casinos but now it will finish the year with only 8. The Atlantic Club Casino closed in January, The Showboat Casino Hotel is due to close on the 31st of August, The Trump Plaza Casino will close on September 16th and Revel Casino is closing between the 1st and 10th of September. All of these casino closures will cause thousands of people to lose their jobs. Revel alone has 3 100 employees. There is however a slim hope that a buyer may come forward after September once Revel is closed and its financial situation is sorted out.