The company also said it plans to stay open while it searches for a buyer, operating as usual, honoring player comps and paying employees and vendors.
Atlantic Citys newest casino is shutting its doors just over two years after opening amid high hopes of turning around the crumbling seaside resorts gambling market.
But the crowds never materialized in force.
The casinos closing in Atlantic City are victims of competition that has emerged during the last decade from newly built casinos in Pennsylvania and other East Coast states that once were reliable sources of gamblers.
We will brian kim poker continue to endeavor toward a placement with such an owner, but there can be no assurance as to the outcome of the pending bankruptcy process.Atlantic City officials responded by promoting other attractions the beach, nightclubs and shopping to lure visitors who might not have gambling on their mind.The city started this year with 12 casinos.Revel, whose 57-story hotel is the tallest building in Atlantic City, was supposed to symbolize a new approach to gambling, with an emphasis on luxury, with windows that, unlike other casinos, faced the ocean.The region now braces for the layoff of 3,100 employees and the harsh truth that other casino operators don't want the glimmering seaside property, even at a steep discount.Revel has ranked near the bottom of Atlantic Citys casinos in terms of the amount of money won from gamblers since the day it opened.The company filed for bankruptcy less than a year later.The.4 billion project opened in April 2012, making it the first new casino to open in Atlantic City since Borgata in 2003.
Revel opened in April 2012 as the first new casino in Atlantic City since the Borgata opened nine years earlier, and carried great hopes for many that it would be the catalyst to jolt what had been the nations second-largest gambling market back to life.
Work resumed under a new ownership group, which included Chatham Asset Management, a hedge fund, two years later with assistance from the state.
10 after it was unable to find a viable buyer in bankruptcy court, will become the fourth Atlantic City,.J., casino to shutter this year.
Its original owners envisioned it as a luxury resort that just happened to have a casino, and eschewed many staples of casino culture, including a buffet and bus trips for day-trippers.Atlantic City's Revel Casino Hotel warned its staff Thursday that it will shut down this summer if a buyer can't be found in bankruptcy court.The project broke ground just before the Great Recession, and it ran out of money halfway through construction.The casinos owner, Revel Entertainment Group, also said it had obtained a 125 million loan to keep the resort open while it seeks a new owner.But it acknowledged that if that happened, it would be after the facility had already shut down.Its empty during the week.The Atlantic Club closed in January; Showboat plans to close at the end of the summer; and Trump Plaza Hotel and Casino plans to close in mid-September.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 morning.But the resort never took off.
The Seminole tribe of Florida, through its Hard Rock franchise, has indicated an interest "if the price is right.".
Instead, they were gradually credited to a Revel account over several months, with restrictions on when the credits could be used.