Despite providing luxurious accommodations and several advertising overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to make a profit. (Image: cntraveler.com)
If the Revel Casino Hotel exposed 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 looks as if the resort may decrease as one of the largest failures in American video gaming history.
The Revel Entertainment Group has filed for security from the creditors in a federal bankruptcy court, and has put the property 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 two months if your sale doesn’t undergo. That will come being a huge blow to the town, as well as the 3,140 workers that just work at the Revel.
Little Value in Struggling Casino
Ownership states that they have obtained a $125 million loan that may make sure the venue can stay open until a customer is discovered. But they aren’t anticipating getting much of a return on their investment: for a casino that cost $2.4 billion to perform just two years ago, quotes now have the property valued at significantly less than $300 million. Some even genuinely believe that the true value could be less than $100 million, as it is going to be a long period before the location has a chance to turn a revenue.
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