Revel Casino in Atlantic City Files for Second Bankruptcy

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

Whenever Revel Casino Hotel exposed 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 if the resort may drop as one of the largest problems in American gaming history.

The Revel Entertainment Group has filed for protection from the creditors in a bankruptcy that is federal, and has place the home up for auction in an effort to sell the casino before it is forced to close. According to Revel, that closure could happen in very little as two months if your sale doesn’t go through. That would come as being a blow that is huge the city, since well as the 3,140 workers that work at the Revel.

Little Value in Struggling Casino

Ownership says that they have obtained a $125 million loan that may ensure the venue can stay open until a buyer is found. But they aren’t expecting to have 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 respected at significantly less than $300 million. Some even believe that the real value could be less than $100 million, since it will likely be years before the venue has an opportunity to turn a revenue.

‘ We shall work to reach an agreement with an owner 続きを読む Revel Casino in Atlantic City Files for Second Bankruptcy