Poker Coverage: Poker Legislation Poker Business Poker Tournaments

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.



over 1 year ago

Damn, now Showboat'll have to figure out a new excuse for why their poker room is empty.


over 1 year ago

Oh no! What a let down.


Most Viewed Articles

1 Phil Ivey Now Down $5.1 Million Under His 'Polarizing' Online Poker Screen Name
2 Study: You're Like A Pigeon When You Play Poker
3 Maryland Casino Says Former Employee Stole 'Highly Confidential' List Of High Rollers
4 Seminole Hard Rock Poker Open Stuck With $2.5 Million Overlay
5 Poker Strategy With Ed Miller: Reverse Bet Sizing Tells
6 Allen Kessler Wins 2014 World Series of Poker Circuit Foxwoods Main Event
7 Man Carjacks Vehicle From Golden Nugget Atlantic City, Returns Hours Later To Carjack Another And Gets Caught: Police
8 Poker Hand of the Week: 8/27/14
9 Texas Station Closes North Las Vegas Poker Room
10 2014 CarbonPoker Card Player Player of the Year Update -- Dan Smith and Jason Mercier Join Top 10