Despite offering luxurious accommodations and several marketing overhauls, Atlantic City’s Revel Casino in New Jersey has failed to turn a revenue. (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 looks as if the resort might drop as one of the largest failures in American video gaming history.
The Revel Entertainment Group has filed for security from its creditors in a bankruptcy that is federal, and has put the property up for auction in an effort to sell the casino before it is forced to close. According to Revel, that closing could happen in very little as two months in case a sale doesn’t proceed through. That would come as a huge blow to the town, as 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 which will ensure the venue can stay open until a customer is found. However they aren’t expecting to get 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 not as much as $300 million. Some even think that the value that is true be less than $100 million, because it is going to be a long period before the venue has an opportunity to turn a profit.
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