Atlantic City's Abysmal $2.4 Billion Revel Casino To File For Bankruptcy Less Than A Year After Opening
Struggling Gambling Joint To Remain Open During Debt Restructuring
Revel, Atlantic City’s most expensive casino ever, said it will soon file for Chapter 11 bankruptcy protection, according to reports. It opened less than a year ago.
The property ran into financial issues before even getting built. It took six years to complete and required an additional $1.1 billion investment in 2011, along with state help.
The restructuring of its roughly $1.2 billion worth of debt will not interrupt its day-to-day operations or affect employees, the company said.
Despite many in the state hoping it would help revitalize slumping Atlantic City, Revel never impressed with its gaming revenues. Dr. David Schwartz, a gaming expert at the University of Nevada Las Vegas, Tweeted about the company’s gaming revenue issues: “Revel’s win per slot per day is $56.17, almost [one-sixth] of market leader Borgata ($300.28)”.
The failures of Revel, and those of Atlantic City as a whole, could be mitigated by online gaming coming to the Garden State. Gov. Chris Christie, who backed the construction of Revel, made a favorable decision on an Internet betting bill earlier this month.
The Philadelphia Inquirer has more on Revel’s plight.
Image via Revel’s Facebook page.
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