The Revel in Atlantic City will close their doors

The leaders of the Revel casino-hotel in Atlantic City recently decided to close down their business on the 10th of September.
The casino had only opened in April 2012, but in this short time it was never able to generate any profit.
Originally, the complex was to be auctioned on the 14th of August.
However, the management decided at the board meeting that they preferred to close the facility altogether.

Two failures in two years

The construction of the Revel casino began in 2006, before the economic crisis had hit the country.
Six years later, the facility opened during worst recession the country has seen since the 1930s.
It was the largest complex in Atlantic City and the second largest in the entire United States, using a budget of $2.6 billion.
Even before its opening the operators encountered funding problems.
Hoping to revive the economy of the city, Governor Chris Christie injected 261 million dollars, thanks to tax cuts, to complete the project.
However, this has not prevented the Revel to face difficulties in the early days, and they filed for bankruptcy just 10 months after their opening. 16 months after its first bankruptcy the complex filed for their second bankruptcy in June 2014.
At that time, the management hoped to find a buyer, but they gradually realised that they could not avoid the liquidation of the company.
Even if they had found a buyer in the auction, the facility would have to be closed at the time of signing the contract.
Whatever happens, the officials of Revel are always looking for investors that are interested in acquiring this complex.
Don Guardian, the mayor of Atlantic City, hopes that at least the buildings are being preserved, and that a new establishment will open its doors in the near future.

Three other establishments in a similar situation

The Revel is not the only casino-hotel in Atlantic City forced to close its doors this year.
Three other institutions may have to do the same, leaving only eight complexes open in the city.
A total of 3,100 people will lose their jobs, and they will be left in a crumbling market.
In fact, the annual turnover of the casinos in the city fell by 6.2% to only 2.9 billion dollars last year.