The Revel Casino Hotel is to close on September 10th with the loss of 3,100 jobs. The casino resort which only opened for business two years ago with a cost of $2.4 billion has never once turned a profit.
It was hoped that a delay in bankruptcy court hearings last week by company officials looking into a buyer for the casino hotel would uncover a suitor, but sadly the Revel’s board met on Monday 11th August, with the decision to close down the iconic glass-covered casino which is located at the north end of the Boardwalk.
In 2012 the Revel opened to much fan fair as it was the first casino to open on the famous boardwalk since the Borgata opened there in 2003 and many hoped it would boost the economy.
Since 2006 revenues in Atlantic City have plunged from an all time high of $5.2 billion to $2.86 billion in 2013.
The closure of Revel will be the second of four Atlantic City casinos to shut down this year as Atlantic City fortunes decline even further. Twelve casinos were once adorning the boardwalk now with The Showboat closing on Aug. 31, and Trump Plaza closing Sept. 16.