Struggling Atlantic City hotel and casino Revel is set to close next month. The $2.4 billion resort, which opened more than two years ago, was unable to find a buyer in bankruptcy court. Investors discussing the situation said it could sell for as little as $250 million, sources told Gothamist.
“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,” owners of the casino said in a statement provided to the Press of Atlantic City.
Revel had yet to produce a profit and had racked up liabilities approaching $1 billion. The owners filed for bankruptcy earlier this summer for the second time in two years.
The casino plans to honor all deposits and reservations prior to closing Sept. 10. [Gothamist] — Mark Maurer