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Atlantic City's Most Expensive Casino Ever Built To Close Next Month After Horrendous Two-Year Failure

Revel Casino Hotel Hasn't Found Buyer In Bankruptcy Court

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On Monday, Revel Casino Hotel in Atlantic City was posting photos of sushi and drinks on the beach to its Facebook page with captions like “Starting the week out right!” On Tuesday, the casino announced that it would close its doors next month.

Revel, the most expensive casino ever built in Atlantic City, failed to find a buyer in bankruptcy court, the company said, according to the Associated Press.

A total of $2.4 billion was spent to build the high-end casino that ended up never turning a profit in the roughly two years it was open. Revel ran into trouble before even opening, taking six years to complete and requiring an additional $1.1 billion investment in 2011, along with state help.

“Despite the effort to improve the financial performance of Revel, it has not proven to be enough to put the property on a stable financial footing,” the company wrote.

Revel won’t be open and operating like normal the day before the doors shut. The company said that “an orderly wind-down of the business” will be implemented.

The Atlantic Club casino closed in January, and with Revel and two other casinos set to close in the coming weeks, Atlantic City will soon have just eight casinos.

The Showboat will shutter its doors Aug. 31, while Trump Plaza will do so Sept. 16.

Online gambling was legalized last year in New Jersey to prevent casinos from closing, lawmakers argued then. If the number of casinos standing is how you can gauge the success of Internet gambling in the Garden State, it, like Revel, has been a complete failure.

The job loss from Revel alone is going to be more than 3,100. As of April, the unemployment rate in Atlantic City was a staggering 14.9 percent, more than double the rate for the rest of New Jersey.

Why has Atlantic City suffered so much since 2006? Casino capital has moved to markets in other states, most notably Pennsylvania. The games moved closer to home for gamblers.

In 2012, U.S. commercial casinos won $37.34 billion from gamblers, which was close to the record of $37.5 billion set in 2007. The gaming industry has recovered well since the financial crisis, a.k.a. the Great Recession, but Atlantic City has been a casualty.

 
 
Tags: Atlantic City,   Revel
 
 

Comments

baldhedsliq
7 years ago

You have greyhound, peter pan, the ac shuttle and the party bus. There are more than enough ways to get back and forth 24/7. Parx, Mt Airy , Sands are closer and treat poker players much better.

 
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stupymutt80
7 years ago

i live in rhode island and i will travel to mt airy or the sands before i go anywhere near atlantic city...the poker is just as good and my wife likes the casinos more and the surrounding areas are cleaner and much more comfortable to stay in

 
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321action
7 years ago

I am surprised these casinos are still getting built at all. Internet gambling from home or at the library or on a cell phone is way better then going to one of these casinos and staying in an expensive ass hotel just to gamble. Internet gambling would have taken over this industry much sooner if it were not for crazy ass white religious figures trying to run the lives of every person in this country. These people need to fuck off and the gambling industry needs to wake up to this new trend. We as gamblers are all suffering from lack of innovation in what could be the best gambling experience of them all, playing at home, online, with beer and not have to worry about these ridiculous hotels.

 
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TandG21
7 years ago

The assholes who were incharge from the beginning when revel opened
should not be allowed to clean the restrooms of another casino.
non smoking no busses machines tighter then a ducks ass walk a mile and try to find there poker rm No tornys or sit and gos
And now they want to blame near by casinos. Give me a break you have no one to blame but yourselves

 
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