Revel’s most recent Chapter 11 filing listed assets of $486.9 million and liabilities of $476.1 million. “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 wrote. “We thank them for their professionalism and dedication however we are faced with several unavoidable circumstances. “We regret the impact this decision has on our Revel employees who have worked so hard to maximize the potential of the property,” Revel said in a statement Tuesday. Revel Entertainment said the casino and its 1,399 hotel rooms will close on Sept. In addition to putting 3,100 people out of jobs and hurting state and local budgets, Revel’s demise shows just how cutthroat the East Coast casino market has become, and how difficult it is for even the newest and nicest gambling halls to survive in an oversaturated market. ATLANTIC CITY, N.J. – When it opened just over two years ago, many people hoped Revel would save Atlantic City’s struggling casino industry, which has been bleeding money and jobs for years.īut now the $2.4 billion resort that was widely seen as the last, best chance for Atlantic City’s gambling market is shutting down, unable to find a buyer for even pennies on the dollar.
