It’s a rough period for casino owners in Atlantic City, as the business is doing worse than ever which means that most casinos are losing money and thus either close or cut down on staff. In this year alone we have seen the Atlantic Club Casino Hotel close down, the Showboat closing on August 31st and also the Trump Plaza Hotel and Casino is set to close in September.
While these three casinos were already a huge blow to the casino industry, meaning loss of jobs for almost 5,000 people, yet another blow came today as the owners of the Revel Casino announced that they as well have to close their casino, despite great efforts to sell it while filing for bankruptcy protection.
The Revel Casino is set to close on September 10th, only a few years after opening the doors to its $2.4 billion expensive casino. A total of 3,100 employees will be losing their jobs with this closing, bringing the number of employees having lost their job in the casino industry in Atlantic City to 8,000 this year alone.
“We regret the impact this decision has on our Revel employees who have worked so hard to maximize the potential of the property,” Revel Entertainment said in a press release.
“While we continue to hope for a sale of Revel, in some form, through the pending bankruptcy process, Revel cannot avoid an orderly wind down of the business at this time,” They added.
While things are bad in Atlantic City, with annual revenues down 6.2% last year, things are looking great in Las Vegas, where revenues are going up and hotel rooms are being booked faster – despite an increase in price for them.