Atlantic City's Revel Casino Hotel says it will cease
operations and shut down in September, according to the Associated Press. The
casino filed for bankruptcy but could not find a qualified buyer.
The $2.4 billion casino is closing its doors Sept. 10. Here's
more from the AP:
- It was due to be sold at a bankruptcy court auction last week. But that auction was postponed until Thursday to allow casino officials to study bids that were received.
- But after Revel's board met Monday, the decision was made to shutter the iconic glass-covered casino at the north end of the Boardwalk.
It's surprising that Revel could not find a buyer. It's
facility is just two years old and gorgeously decorated — and it's no surprise
that a potential buyer could have it for pennies on the dollar.
Roger Gros, publisher of Global Gaming Business Magazine,
was on the Atlantic City boardwalk yesterday and told NBC10 that he's surprised
that it hasn't sold.
"This is really the nicest property in town," said
Gros. "I thought they'd be able to sell it. Somebody would come in with a
real minimal bid and take it with no restrictions on top of it."
But those investors may not have qualified because they
likely asked for special concessions like lower energy bills or property taxes.
Just yesterday, the New Jersey Casino Control Commission
announced that it could not force failing Atlantic City casinos to remain open
past the summer.
The Showboat and Trump Plaza are also expected to close this
year
Source: Philadelphia
Business Journal
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