Despite providing luxurious accommodations and several marketing overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to turn a revenue. (Image: cntraveler.com)
Whenever Revel Casino Hotel exposed in Atlantic City in 2012, the city saw it as the beginning of a new era for the regional gambling industry. Now, it appears as though the resort might drop as one of the largest problems in American video gaming history.
The Revel Entertainment Group has filed for protection from its creditors in a federal bankruptcy court, and has place the home up for auction in an attempt to sell the casino before it is forced to shut. According to Revel, that closure could happen in only a small amount as 8 weeks in case a sale doesn’t proceed through. That could come as a huge blow to the town, since well as the 3,140 workers that just work at the Revel.
Little Value in Struggling Casino
Ownership says that they have obtained a $125 million loan that will guarantee the venue can stay open until a buyer is discovered. But they aren’t expecting to get much of a return on their investment: for a casino that cost $2.4 billion to accomplish just two years ago, estimates now have actually the property valued at lower than $300 million. Some even believe the real value could be less than $100 million, since it will likely be a long period before the place has to be able to turn a revenue.
‘ We are going to work to achieve Continue reading “Revel Casino in Atlantic City Files for Second Bankruptcy”