Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite providing luxurious rooms and marketing that is several, Atlantic City’s Revel Casino in brand New Jersey has failed to make a profit. (Image: cntraveler.com)

When the Revel Casino Hotel opened in Atlantic City in 2012, the city saw it as the start of a new age for the gambling industry that is local. Now, it looks as though the resort may drop as one of the largest problems in American gaming history.

The Revel Entertainment Group has filed for protection from the creditors in a bankruptcy that is federal, and has put the home up for auction in an effort to sell the casino before it is forced to close. According to Revel, that closing could happen in only a small amount as 8 weeks if a sale doesn’t proceed through. That will come being a blow that is huge the city, since well as the 3,140 employees that work on the Revel.

Little Value in Struggling Casino

Ownership says that they have obtained a $125 million loan that will make sure the venue can stay open until a customer is discovered. However they aren’t expecting getting much of a return on their investment: for a casino that cost $2.4 billion to perform just two years ago, estimates now have the property respected at less than $300 million. Some also genuinely believe that the value that is true be less than $100 million, because it is going to be several years before the place has an opportunity to turn a profit.

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