The Revel in Atlantic City will shut down only two years after opening; it will be the third casino closing of 2014.
Representatives of Atlantic City’s Revel Casino have announced that the casino will cease all operations no later than September 10. The end has long been inevitable but represents a string of negative gambling news for the city’s moribund casino industry. The Revel opened with great expectations just two years ago.
The casino’s parent company Revel AC filed for bankruptcy protection earlier this year, citing disappointing revenue and the high cost of operating the facility. Ownership has been seeking a buyer for the property for months and will continue to do so after the facility closes.
An official communication expressed hope that the facility can play a positive role for the city’s economy in the future: “we hope that Revel can be a successful and vital component of Atlantic City under a proper ownership and reorganised expense structure.”
Nothing but bad news for Atlantic City
The Revel will be the third of four Atlantic City casinos to close in 2014. TheAtlantic Club ceased operations in January, the Showboat will hold its last blackjack game on August 31st and the Trump Plaza will shut down on September 16th.
While some casinos such as the Borgata and Caesar’s have expanded their revenue streams by launching the first-ever legal online casinos in the US, the industry overall is suffering from market saturation and stagnant demand.