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Revel Casino in Atlantic City Files for Second Bankruptcy

Montag, März 2nd, 2020

Revel Casino in Atlantic City Files for Second Bankruptcy

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

Once the Revel Casino Hotel exposed in Atlantic City in 2012, the city saw it as the beginning of a new age for the neighborhood gambling industry. Now, it looks as though the resort might go down as one of the biggest problems in American video gaming history.

The Revel Entertainment Group has filed for security from its creditors in a federal bankruptcy court, and has place 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 in case a sale doesn’t proceed through. That will come as a blow that is huge the city, because well as the 3,140 workers that work at the Revel.

Little Value in Struggling Casino

Ownership states that they will have obtained a $125 million loan that may make sure the venue can stay open until a customer is found. However they aren’t anticipating to get much of a return on their investment: for a casino that cost $2.4 billion to accomplish just two years ago, quotes now have actually the property valued at not as much as $300 million. Some also believe that the real value could be less than $100 million, as it will probably be many years before the venue has the opportunity to turn a profit.

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