Despite offering luxurious accommodations and several marketing overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to show a profit. (Image: cntraveler.com)
When the Revel Casino Hotel opened in Atlantic City in 2012, the city saw it as the beginning of a new era for the gambling industry that is local. Now, it looks as if the resort might go down as certainly one of the largest failures in American gaming history.
The Revel Entertainment Group has filed for protection from the creditors in a bankruptcy that is federal, 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 very little as 8 weeks in case a sale doesn’t go through. That will come being a blow that is huge the town, because 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 which will make sure the venue can stay open until a customer 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 the property respected at less than $300 million. Some also genuinely believe that the value that is true be less than $100 million, since it will likely be years before the venue has a chance to turn a profit.
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