Revel Atlantic City casino is reportedly getting ready to close its doors for good. The $2.4 billion casino and resort will close down in early September.
According to the Washington Post, Revel originally opened its doors on Atlantic City’s boardwalk just two years ago. The 1,400-room hotel-casino was reportedly built at a cost of $2.4 billion and opened in April 2012.
The Atlantic City casino filed for bankruptcy protection in June and received court approval to borrow $23.9 million in order to keep the establishment running for a month while Revel Entertainment Corp. searched for a new owner, according to a report by Reuters. Because a suitable buyer has not been found, Revel Casino Hotel will be closing its doors on September 10.
“Despite the effort to improve the financial performance of Revel, it has not proven to be enough to put the property on a stable financial footing,” the company said in a statement on Tuesday.
The Wall Street Journal stated that the Atlantic City casino employed close to 3,200 workers as of June. A letter sent out to all employees warned that if the company couldn’t find a suitable buyer, it would be forced to “shut its doors and all employees would be let go.”
“We regret the impact this decision has on our Revel employees who have worked so hard to maximize the potential of the property,” the company continued in its statement, according to the Washington Post.
This closing is just the most recent closure in recent months for Atlantic City. According to The Wall Street Journal, the Atlantic Club closed earlier this year, while Showboar and Trump Plaza are also in the process of closing down:
“Revenue in Atlantic City has declined since a peak of $5.2 billion in 2006, and fell below $3 billion last year. Competition from casinos opening in neighboring states such as Pennsylvania and New York have eaten into Atlantic City’s historic monopoly on gambling in the northeast,” said The Wall Street Journal.
With all the closures expected by the end of the year in Atlantic City, the Washington Post states that more than 6,000 people will be losing their jobs because of these closures alone.
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