The $2.4 billion Revel Casino and Hotel in Atlantic City has been the talk of the town since it opened around two years ago, as it was seen as the saviour of Atlantic City back then. Only this new massive casino and hotel would be able to attract new clientele to the city and thus save the dying casino industry.
Two years later we could report that the casino and hotel were bankrupt and wanted to close down on September 10th, due to terrible results. Now the company who owns Revel Casino and Hotel has sent out a press release stating that despite them hoping to still sell the casino to another company, they have decided to close it even sooner, with the hotel closing September 1st and the casino closing September 2nd.
"We thank all of our employees for their professionalism, dedication and hard work," The statement from Revel said. "We know that they have provided an outstanding experience for our guests and will continue to do so through this process."
With the bankruptcy of Revel Casino, it is the fourth hotel and casino in Atlantic City to close this year. Atlantic Club closed in January, Showboat is closing on August 31st and Trump Plaza will close on September 16th, showing clearly that the industry is dying.
Before the first casino's opened up in Pennsylvania, Atlantic City's casino industry was a $5.6 billion a year industry. Now eight years later, this number has been cut in half as the revenue numbers last year was a mere $2.86 billion.