Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite offering luxurious rooms and several marketing overhauls, Atlantic City’s Revel Casino in New Jersey has failed to show a revenue. (Image: cntraveler.com)

If the Revel Casino Hotel launched in Atlantic City in 2012, the city saw it as the start of a new age for the gambling industry that is local. Now, it appears as if the resort might drop as certainly one of the biggest problems in American video gaming history.

The Revel Entertainment Group has filed for security from its creditors in a bankruptcy that is federal, and has put the home up for auction in an attempt to sell the casino before it is forced to shut. According to Revel, that closing could happen in only a small amount as 8 weeks in case a sale doesn’t go through. That could come as being a blow that is huge the town, as well as the 3,140 workers that work at the Revel.

Little Value in Struggling Casino

Ownership says that they have obtained a $125 million loan that will guarantee the venue can stay open until a customer is found. But they aren’t anticipating to have much of a return on their investment: for a casino that cost $2.4 billion to complete just two years ago, estimates now have actually the property valued at not as much as $300 million. Some also think that the true value could be less than $100 million, as it will probably be several years before the venue has to be able to turn a revenue.

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