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||Three Years Later, Blair Hinkle Finally Receives His Missing $1 Million In Full Tilt Poker Money|
|2||Man Loses $500K On Super Bowl, Sues Casino|
|3||High-Stakes Online Poker: Poor February Puts Blom Back In The Hole Lifetime On Full Tilt Poker|
|4||Crazy Gambling Stories From February|
|5||NBC National Heads-Up Poker Championship Not Running In 2014|
|6||Poker Strategy With Ed Miller: Three Great Small Stakes Plays That Fail In Tougher Games|
|7||George Lopez Arrested For Drinking Way Too Much And Passing Out On Casino Floor|
|8||Chris Moorman Headlines WPT L.A. Poker Classic Main Event Final Table|
|9||2014 World Poker Tour L.A. Poker Classic Main Event Builds $5.1 Million Prize Pool|
|10||U.S. Lawmaker Wants To Ban Online Poker|
|1||Chan Pelton Banned From All World Series of Poker Events and Properties After Taking Single Tournament Chip|
|2||Three Years Later, Blair Hinkle Finally Receives His Missing $1 Million In Full Tilt Poker Money|
|3||Man Loses $500K On Super Bowl, Sues Casino|
|4||High-Stakes Online Poker: Poor February Puts Blom Back In The Hole Lifetime On Full Tilt Poker|
|5||Police Arrest Two For Allegedly Using Fake Poker Chips At Maryland Casino|
|6||Crazy Gambling Stories From February|
|7||NBC National Heads-Up Poker Championship Not Running In 2014|
|8||Poker Strategy With Ed Miller: Three Great Small Stakes Plays That Fail In Tougher Games|
|9||George Lopez Arrested For Drinking Way Too Much And Passing Out On Casino Floor|
|10||Q&A With 2013 World Series of Poker Main Event Runner Up Jay Farber|