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Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite providing luxurious rooms and marketing that is several, Atlantic City’s Revel Casino in New Jersey has failed to turn a revenue. (Image:

When the Revel Casino Hotel started in Atlantic City in 2012, the city saw it as the beginning of a new period for the gambling industry that is local. Now, it looks as though the resort might drop as certainly one of the biggest failures in American gaming history.

The Revel Entertainment Group has filed for security from the creditors in a bankruptcy that is federal, 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 closing could happen in very little as 8 weeks in cases where a sale doesn’t proceed through. That could come as being a blow that is huge the town, since well as the 3,140 employees that just work at the Revel.

Little Value in Struggling Casino

Ownership claims that they’ve obtained a $125 million loan that may guarantee the venue can stay open until a buyer is discovered. However they aren’t anticipating to have 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 lower than $300 million. Some also believe that the real value could be less than $100 million, since it will likely be several years before the location has to be able to turn a profit.

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