Atlantic City’s Revel Casino files for bankruptcy

Revel CasinoAtlantic City, NJ- A once renowned destination for gambling and entertainment, others may have called it the Las Vegas of New Jersey. A state that was booming from the late 1970’s with casinos opening up everywhere in the gambling district from the Sands Hotel and Casino, Golden Nugget, Trump Taj Casino which is owned by real estate mogul Donald Trump.  More recent openings like the Borgata in 2003.

Then we had the most recent Revel Casino which opened in 2012, a casino that had all the bells and whistles.  A casino that included and 1,800 room hotel, nightclubs, theatres, 14 restaurants, 2400 slot machines and nearly 100 table games. This $2.4 billion casino was a hopeful investment for investors that would revitalize the struggling Atlantic City gambling haven.

Unfortunately this casino project was a struggle right from the beginning, it wasn’t enough to convince locals and tourists to increase tourism and gamble their money at a newly built casino.  Revel’s revenues were $9.02 million which was up 12.75% from January, but still lagged behind the rest of Atlantic City Casinos.  In fact it was ranked 10th among the 12 casinos in Atlantic City.  It was on March 26, 2013 that Revel Casino had filed for bankruptcy in an effort to wipe out a staggering $1.2 billion in debt.

However, there is still light at the end of the tunnel, Revel’s interim CEO said, “We will emerge from this recapitalization positioned for long-term success, with the financial capacity to pursue our amenity enhancement opportunities, and the ability to continue providing our guests with a signature Revel experience”.

Revel’s restructuring will take place behind the scenes, and the doors will still be open for everyone and business will continue to operate as normal.

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