Atlantic City's Revel Casino Hotel to Shut Down in September
The 1,400-room Revel Casino Hotel in Atlantic City will shut down next month after failing to find a buyer in bankruptcy court, company officials announced this morning. The $2.4 billion casino, which opened two years ago, will close its doors on Sept. 10; more than 3,100 jobs will be lost as a result. The following statement was released to the press today:
"Revel AC Inc., the parent company of Revel Entertainment Group LLC, announced today that Revel Casino and Hotel will cease operations no later than Sept. 10, 2014, subject to receipt of regulatory approvals.
We regret the impact this decision has on our Revel employees who have worked so hard to maximize the potential of the property. We thank them for their professionalism and dedication; however we are faced with several unavoidable circumstances.
Despite the effort to improve the financial performance of Revel, it has not proven to be enough to put the property on a stable financial footing. This situation is compounded by the considerable non-controllable expense structure that has financially burdened the property.
In addition, challenges have arisen in our attempts to sell Revel as a going concern. While we continue to hope for a sale of Revel, in some form, through the pending bankruptcy process, Revel cannot avoid an orderly wind-down of the business at this time.
Thoughtful consideration was given to the impact on our guests, our employees and the employees of our associated tenants. We hope that Revel can be a successful and vital component of Atlantic City under a proper ownership and reorganized expense structure.
We will continue to endeavor toward a placement with such an owner, but there can be no assurance as to the outcome of the pending bankruptcy process.
Revel will honor reservations and deposits while Revel remains open."