$2.4B Revel Casino to Shut Down Early Tuesday
By Associated Press | Published: 02nd September 2014 02:23 PM |
ATLANTIC CITY (N.J.): Little more than two years after opening with high hopes of turning around Atlantic City's struggling casino market, Revel will close its doors Tuesday morning.
The 6 a.m. casino shutdown follows the closure of its hotel on Monday.
By mid-September, four of Atlantic City's 12 casinos will have gone out of business, but none will be a costlier failure than Revel.
It started construction just before the Great Recession hit, and had to take on so much debt it never could turn a profit.
The Showboat closed on Sunday, Trump Plaza is closing Sept. 16, and the Atlantic Club closed in January.
The consolidation is a reaction to the saturated northeastern U.S. casino market, which continues to add new gambling halls to markets without enough demand to support them all.