The Real Deal New York

Crapped out: $2.4B Revel casino in Atlantic City shutting down

But financially strapped resort could be sold for as little as $250M
August 12, 2014 12:15PM

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