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Revel Casino in Atlantic City Files for Second Bankruptcy

Tuesday, March 3rd, 2020

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite offering luxurious accommodations and several marketing overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to show a revenue. (Image: cntraveler.com)

When the Revel Casino Hotel launched in Atlantic City in 2012, the city saw it as the beginning of a new period for the neighborhood gambling industry. Now, it looks as if the resort might go down as one of the largest failures in American video gaming history.

The Revel Entertainment Group has filed for security from its creditors in a bankruptcy that is federal, and has put the property up for auction in an effort to sell the casino before it is forced to shut. According to Revel, that closure could happen in only a small amount as two months if a sale doesn’t go through. That will come as a huge blow to the city, since well as the 3,140 workers that work on the Revel.

Little Value in Struggling Casino

Ownership claims that they will have obtained a $125 million loan that will guarantee the venue can stay open until a customer is discovered. However they aren’t expecting to have much of a return on their investment: for a casino that cost $2.4 billion to complete just two years ago, quotes now have the property valued at significantly less than $300 million. Some also think that the real value could be less than $100 million, because it will probably be a long period before the venue has to be able to turn a revenue.

‘ We shall work to a (more…)