Despite providing luxurious rooms and several advertising overhauls, Atlantic City’s Revel Casino in New Jersey has failed to show a revenue. (Image: cntraveler.com)
As soon as the Revel Casino Hotel launched in Atlantic City in 2012, the city saw it as the beginning of a new age for the gambling industry that is local. Now, it looks as if the resort may decrease as certainly one of the biggest problems in American video 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 shut. According to Revel, that closure could happen in very little as two months in cases where a sale doesn’t proceed through. That would come as being a huge blow to the city, because well as the 3,140 employees that just work at the Revel.
Little Value in Struggling Casino
Ownership claims that they will have obtained a $125 million loan which will ensure the venue can stay open until a customer is found. But they aren’t expecting getting much of a return on their investment: for a casino that cost $2.4 billion to complete just two years ago, estimates now have the property valued at less than $300 million. Some even genuinely believe that the value that is true be less than $100 million, as it will probably be a long period before the place has to be able to turn a profit.