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