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Latest About Revel
Today was supposed to settle the Revel Casino‘s future, but no longer: The bankruptcy auction planned to take place in a New York attorney’s office has now been delayed to August 14th.
On Thursday morning last week, I stepped onto the escalator from Revel’s lobby to head down to the Boardwalk. It was windy. I could tell not just because I could see dune grass blowing in the breeze, but because I could feel it — inside the building. The wind hit me in the face, and shook the sculptures hanging from the ceiling, which I had been told on my pre-opening tour of Revel weighed as much as a car — each.
That afternoon, Revel would file for bankruptcy for the second time since opening in 2012, attaching to it a threat to shut down by August 18th if it did not find a buyer. If that does happen, it’ll join Showboat, which will close in August, and the Atlantic Club, which closed in January as boardwalk gambling ghosts.
A lot of things went wrong with Revel, mostly that it was a casino conceived at the peak of Atlantic City’s gambling monopoly, and opened near the bottom. It came onto the market with far too much debt, and took an even greater risk in trying to place itself above the typical Atlantic City gambler by limiting the number of slot machines and banning smoking. Now, the $2.4 billion casino is on the verge of closing, taking a $260 million investment from the state of New Jersey with it. Read more »