After three days of poker at the 2014 Paddy Power Irish Open, the unofficial final table is set and Dave Pollock is the chip leader heading into the final day of play (Note: A final ...
Revel Casino Continues To Disappoint In Atlantic City
The $2.4 Billion Property Still Ranks Eighth Of Twelve
Revel Casino, just one month removed from posting its first $20 million numbers, took a major step backward in September, bringing in just $16.9 million in gaming revenue. The $2.4 billion property, which opened in early April, has been a major disappointment to struggling Atlantic City, a once prosperous gambling destination that has fallen to the third largest gaming market in the country behind Las Vegas and Pennsylvania.
The city’s 12 casinos reported revenue of $276 million in September, which was a 6.3 percent decline from the same month in 2011 when only 11 casinos took in $295 million.
Revel, with its 47-story hotel tower, upscale restaurants, retail shops and spa, was supposed to bring in high-end clientele and allow the city to rebound from its current economic crisis. Instead, the beach-themed and completely smoke free casino, has yet to rank higher than eighth in the city.
New Jersey Gov. Chris Christie granted Revel $260 million from the state in February of 2011 in exchange for 20 percent of the casino’s revenue, a gamble that appears to be far from paying off. In August, Revel was forced to ask lenders for an additional $100 million to get the property through the rest of the year.
The Borgata continued to lead the city with revenue of $55.3 million in September, a drop of 5.9 percent when compared to last year’s numbers.
Atlantic City gaming revenue has been on the decline ever since posting its peak numbers of $5.217 billion in 2006. Casinos only brought in $3.317 billion in 2011 and are headed for an even lower number in 2012.
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