Despite providing luxurious rooms and marketing that is several, Atlantic City’s Revel Casino in brand New Jersey has failed to turn a revenue. (Image: cntraveler.com)
Once the Revel Casino Hotel launched 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 appears as if the resort might drop 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 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 two months in cases where a sale doesn’t proceed through. That will come being a blow that is huge the city, as well as the 3,140 workers that work on the Revel.
Little Value in Struggling Casino
Ownership says that they have obtained a $125 million loan that will guarantee the venue can stay open until a customer is discovered. But 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 valued at less than $300 million. Some even believe the real value could be less than $100 million, because it will likely be many years before the location has to be able to turn a revenue.
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