Revel Says It Will Close If It Can’t Find a Buyer

Employees at the struggling Atlantic City casino could be let go as early as August 18th.

Revel Hotel and Casino in Atlantic City on June 5, 2013. The Revel opened on April 1, 2012 at a cost of 2.4 Billion dollars. Photo | Shutterstock.com

Revel Hotel and Casino in Atlantic City on June 5, 2013. The Revel opened on April 1, 2012 at a cost of 2.4 Billion dollars. Photo | Shutterstock.com

Revel Casino Hotel, the struggling $2.4 billion Atlantic City resort, told employees it could close this year if it doesn’t find a buyer in bankruptcy court. Employees could be laid off as early as August 18th.

Revel filed for its second bankruptcy (see filings below) in two years Thursday. It has not been profitable since opening in 2012.


"If Revel is unable to complete such a sale promptly, Revel expects to close its entire facility," the letter to employees read. It will remain open while it searches for a buyer in bankruptcy court.

The Associated Press reports Revel lost $21.7 million in the first quarter of 2014, after losing $130 million last year. The company previously said it would not be profitable until 2017.

[AP]

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  • Donald Sterling

    If they shut this place down, who would miss it?
    Never crowded. Never a draw. Bad location. Dumpy city.

  • FrankZ

    Mismanaged from the beginning. Hosts for high level players didn’t treat players with the perks other AC casinos offered. Haven’t been back since February after a family member attained a high level players card. We took our business to Golden Nugget where are treated like old school AC. The other properties in AC should learn from GN’s model.