Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite offering luxurious accommodations and several marketing overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to make a profit. (Image: cntraveler.com)

Once the Revel Casino Hotel started in Atlantic City in 2012, the city saw it as the start of a new age for the regional gambling industry. Now, it appears as if the resort may decrease as one of the biggest failures in American video gaming history.

The Revel Entertainment Group has filed for security from the creditors in a federal bankruptcy court, and has place the home up for auction in an attempt to sell the casino before it is forced to close. According to Revel, that https://myfreepokies.com/lightning-link-slot-review/ closing could happen in only a small amount as two months if your sale doesn’t proceed through. That would come as being a blow that is huge the city, since well as the 3,140 employees that 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 found. But they aren’t anticipating getting much of a return on their investment: for a casino that cost $2.4 billion to accomplish just two years ago, quotes now have the property respected at not as much as $300 million. Some also believe that the value that is true be less than $100 million, because it is going to be years before the place has an opportunity to turn a profit.

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