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.
For news, updates and daily tournament information, check out our New Jersey page.
|1||More Details On Poker Pro Phil Ivey's Alleged Cheating While Playing Baccarat At The Borgata|
|2||Vicky Coren Mitchell Is The First Ever Two-Time European Poker Tour Main Event Winner|
|3||Nevada Removes Gambler From Casino 'Black Book'|
|4||Online Poker: Nikolaus Jedlicka Wins $916,000|
|5||Deutsche Bank Looking To Sell Las Vegas Casino|
|6||World Poker Tour Holds Championship Event This Year With Big Changes|
|7||Poker Hand of the Week: 4/17/14|
|8||Tiger Woods To Host Charity Poker Event|
|9||Eric Afriat Wins World Poker Tour Seminole Hard Rock Poker Showdown|
|10||Blair Hinkle Wins World Series of Poker Circuit Horseshoe Council Bluffs Main Event For Third Time|
|1||Atlantic City Casino Sues Phil Ivey For $9.6 Million, Says Poker Pro Cheated|
|2||More Details On Poker Pro Phil Ivey's Alleged Cheating While Playing Baccarat At The Borgata|
|3||Ed Miller: Four Bad Things Amateur Poker Players Say|
|4||Borgata To Pay Final 27 Impacted By Cheating Scandal In Poker Event $19,323 Apiece|
|5||Comedian George Wallace Awarded $1.3 Million In Case Against Las Vegas Casino|
|6||The Top Five Cities To Launch Your Poker Career: Part Two|
|7||'Technical Problems' Result In Massive $260,000 Overlay In Sunday Tournament On PokerStars|
|8||Phil Hellmuth Gives Poker Bracelet To NBA Owner|
|9||The Top Five Cities To Launch Your Poker Career: Part One|
|10||High-Stakes Online Poker: Viktor 'Isildur1' Blom Drops $1.4 Million This Week|