Despite providing luxurious rooms and several advertising overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to turn a profit. (Image: cntraveler.com)
When the Revel Casino Hotel exposed in Atlantic City in 2012, the city saw it as the beginning of a new period for the local gambling industry. Now, it looks as if the resort might go down as certainly one of the biggest problems in American video gaming history.
The Revel Entertainment Group has filed for protection from its creditors in a federal bankruptcy court, 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 closure could happen in very little as two months if your sale doesn’t proceed through. That would come being a blow that is huge the city, because well as the 3,140 employees that just work at the Revel.
Little Value in Struggling Casino
Ownership claims that they will have obtained a $125 million loan that will 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 perform just two years ago, estimates now have the property respected at lower than $300 million. Some even believe that the real value could be less than $100 million, because it is going to be many years before the venue has the opportunity to turn a profit.
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