Despite providing luxurious accommodations and marketing that is several, Atlantic City’s Revel Casino in New Jersey has failed to show a profit. (Image: cntraveler.com)
Whenever Revel Casino Hotel launched in Atlantic City in 2012, the city saw it as the start of a new age for the regional gambling industry. Now, it looks as though the resort might drop as one of the largest problems in American gaming history.
The Revel Entertainment Group has filed for protection from the creditors in a federal bankruptcy https://myfreepokies.com/lightning-link-slot-review/ court, 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 in cases where a sale doesn’t proceed through. That will come as being a blow that is huge the city, as 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 which will ensure the venue can stay open until a customer is discovered. However they aren’t expecting getting much of a return on their investment: for a casino that cost $2.4 billion to accomplish just two years ago, estimates now have the property respected at less than $300 million. Some even genuinely believe that the real value could be less than $100 million, as it will probably be years before the location has to be able to turn a profit.
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