Despite offering luxurious rooms and marketing that is several, Atlantic City’s Revel Casino in New Jersey has failed to turn a revenue. (Image: cntraveler.com)
When the Revel Casino Hotel started in Atlantic City in 2012, the city saw it as the start of a new era for the gambling industry that is local. Now, it looks as though the resort may go down as certainly one of the biggest problems in American gaming history.
The Revel Entertainment Group has filed for security from its creditors in a federal bankruptcy court, and has put the property up for auction in an attempt to sell the casino before it is forced to close. According to Revel, that closing could happen in only a small amount as 8 weeks in cases where a sale doesn’t go through. That would come being a huge blow to the town, as well as the 3,140 workers that work on the Revel.
Little Value in Struggling Casino
Ownership states that they have obtained a $125 million loan that may guarantee the venue can stay open until a customer is discovered. However they aren’t expecting getting much of a return on their investment: for a casino that cost $2.4 billion to complete just two years ago, estimates now have the property valued at lower than $300 million. Some even genuinely believe that the value that is true be less than $100 million, as it will probably be a long period before the location has an opportunity to turn a profit.
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