Breaking News Bar
posted: 8/17/2014 6:32 AM

Revel Casino latest to close in Atlantic City

hello
Success - Article sent! close
  • Revel Casino Hotel, the city's newest casino -- and one of its most opulent -- is joining other older Atlantic City gambling establishments in the casino graveyard.

      Revel Casino Hotel, the city's newest casino -- and one of its most opulent -- is joining other older Atlantic City gambling establishments in the casino graveyard.
    Bloomberg News

 
Associated Press

ATLANTIC CITY, N.J. -- When the pressure of an oversaturated market became unbearable this year, some of Atlantic City's oldest casinos either closed their doors or announced plans to do so.

Now, Revel Casino Hotel, the city's newest casino -- and one of its most opulent -- is joining them in the casino graveyard.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

Amid this dire scenario, New Jersey regulators were to release a report Wednesday on how much money the casinos and the state's Internet gambling operations won from gamblers during July.

Revel announced Tuesday it will shut down on Sept. 10, the victim of uncontrolled expenses, not enough revenue and an unforgiving market that has decided 12 casinos was four too many. The $2.4 billion resort that was widely seen as the last, best chance for Atlantic City's gambling market was unable to find a buyer for even pennies on the dollar.

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.

The Showboat is set to close on Aug. 31, followed by Revel on Sept. 10, and Trump Plaza six days later. The Atlantic Club closed in January.

Despite the loss of nearly 8,000 casino jobs -- a quarter of the gambling market's workforce -- some analysts say that contraction is exactly what the market needs, and that Atlantic City cannot support 12 casinos any longer with newer options closer to home for gamblers in Pennsylvania, New York, Connecticut and Maryland.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here