ATLANTIC CITY, NJ—The ownership of the Revel Casino Hotel here says that it will close the property pending regulatory approval by no later than Sept. 10.
The casino had hoped to find a buyer in bankruptcy and noted that efforts to “put the property on a stable financial footing” were unsuccessful, according to a company statement. Approximately 3,100 workers will lose their jobs if the facility shuts down, according to the Press of Atlantic City.
"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," Revel states.
Atlantic City Mayor Don Guardian in a statement said there were some bidders for the Revel. “We are disappointed in the decision that the board of Revel has made as there appeared to be several bidders for the property," Mayor Guardian said. "While I am not privy to the current facts that lead to this decision, I do know this process is a complex one compounded by an extremely short time frame and cash flow challenges.”
In what has been a hard year for the Atlantic City Boardwalk, the Atlantic Club and Casino closed in January. Pending closures, in addition to the Revel, include The Showboat scheduled on Aug. 31, and Trump Plaza, which is closing on Sept. 16. See story in the Press of Atlantic City.
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