Despite providing luxurious accommodations and marketing that is several, Atlantic City’s Revel Casino in New Jersey has failed to turn a revenue. (Image: cntraveler.com)
Once the Revel Casino Hotel started in Atlantic City in 2012, the city saw it as the start of a new period for the gambling industry that is local. Now, it looks as if the resort may decrease as certainly one of the largest problems in American gaming history.
The Revel Entertainment Group has filed for protection from the creditors in a bankruptcy that is federal, 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 8 weeks in case a sale doesn’t go through. That would come being a blow that is huge the town, as well as the 3,140 workers that work on the Revel.
Little Value in Struggling Casino
Ownership states that they will have obtained a $125 million loan which will make sure the venue can stay open until a buyer is discovered. But they aren’t anticipating to have much of a return on their investment: for a casino that cost $2.4 billion to accomplish just two years ago, estimates now have actually the property respected at significantly less than $300 million. Some also think that the real value could be less than $100 million, because it is going to be a long period before the location has an opportunity to turn a revenue.
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