Despite providing luxurious rooms and several advertising overhauls, Atlantic City’s Revel Casino in New Jersey has failed to make a profit. (Image: cntraveler.com)
Once the Revel Casino Hotel started in Atlantic City in 2012, the city saw it as the beginning of a new age for the gambling industry that is local. Now, it looks as though the resort might go down as one of the largest failures 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 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 undergo. That could come being a blow that is huge the town, as well as the 3,140 workers that work on the Revel.
Little Value in Struggling Casino
Ownership claims that they will have obtained a $125 million loan that will make sure the venue can stay open until a buyer is discovered. However they aren’t expecting to get much of a return on their investment: for a casino that cost $2.4 billion to accomplish just two years ago, quotes now have actually the property valued at less than $300 million. Some even genuinely believe that the real value could be less than $100 million, as it will likely be a long period before the venue has to be able to turn a revenue.
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