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.
|1||Chino Rheem and Erick Lindgren Lead World Poker Tour $25,000 Championship Main Event Final Table|
|2||Live Cash Game Stream Kicks Off Card Player Poker Tour Bike Stop|
|3||Online Poker Scandal: Annie Duke Responds To Leaked Russ Hamilton Audio Recording|
|4||Dan Shak Finishes Second In Tiger Woods' Charity Poker Tournament In Las Vegas|
|5||Family Facing Eviction Discovers They Had $4.85 Million Lotto Ticket Sitting In A Cookie Jar|
|6||A Poker Life -- Brian Hastings|
|7||2013 World Poker Tour $25,000 Championship Begins Today At Bellagio|
|8||Carnivale Of Poker Returns To 2013 World Series of Poker|
|9||Jamie Gold's World Series of Poker Main Event Bracelet Up For Auction|
|10||High-Stakes Online Poker: Gus Hansen Wins $1.7 Million This Week|
|1||Online Poker Scandal: Annie Duke Responds To Leaked Russ Hamilton Audio Recording|
|2||Jamie Gold's World Series of Poker Main Event Bracelet Up For Auction|
|3||Doyle Brunson Bows Out Of World Series Of Poker|
|4||Gambling Lawsuit: Did Ivey Notice Defective Cards At London Casino En Route To Winning $12 Million?|
|5||Ultimate Bet Cheating: Russ Hamilton Admits In Audio Recording, 'I Did Take This Money'|
|6||High-Stakes Online Poker: Gus Hansen Approaching $10 Million Lifetime Losses On Full Tilt|
|7||Nevada To Add Gambler To 'Black Book' For First Time In Nearly Four Years|
|8||Phil Ivey Sues London Casino For Allegedly Stiffing Him On $12.1 Million|
|9||A Look At The Ultimate Poker Software: Nevada's First Real Money Online Poker Room|
|10||High-Stakes Online Poker: Gus Hansen Now Down $6 Million Since The Fall|