Despite offering luxurious rooms and several advertising overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to make a profit. (Image: cntraveler.com)
As soon as the Revel Casino Hotel opened in Atlantic City in 2012, the city saw it as the beginning of a new age for the gambling industry that is local. Now, it appears as though the resort may go down as one of the biggest problems in American video gaming history.
The Revel Entertainment Group has filed for protection from its creditors in a bankruptcy that is federal, and has place the home up for auction in an attempt to sell the casino before it is forced to shut. According to Revel, that closure could happen in very little as 8 weeks if your sale doesn’t undergo. That could come being a huge blow to the town, since well as the 3,140 workers that just work at the Revel.
Little Value in Struggling Casino
Ownership claims that they have obtained a $125 million loan that may 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 valued at significantly less than $300 million. Some also believe the value that is true be less than $100 million, because it is going to be many years before the venue has to be able to turn a revenue.
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