Wednesday August 13, 2014 : ATLANTIC CITY LAND CASINO TO CLOSE
No last-minute rescue for Revel.
The owners of Atlantic City land casino Revel have announced that the establishment is to close on September 10…just two years after it opened.
"Despite the effort to improve the financial performance of Revel, it has not proven to be enough to put the property on a stable financial footing. This situation is compounded by the considerable non-controllable expense structure that has financially burdened the property," Revel said in a statement.
"In addition, challenges have arisen in our attempts to sell Revel as a going concern. 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," it added.
The closure will put 3,000 people out of work.
Revel is the third Atlantic City casino to recently announce an impending closure. New Jersey Gov. Chris Christie injected $260 million into Revel as part of a plan to revitalise Atlantic City amid competition from neighboring states.