Revel’s last hand? [AUDIO]
Once touted as a symbol of rebirth for Atlantic City‘s gambling industry, the city’s newest casino could shut its doors for good by the end of summer.
For the second time since opening in April 2012, Revel Casino Hotel filed for bankruptcy Thursday. However, the stakes are much higher this time around, as a letter distributed to employees told them they could be out of a job if a buyer isn’t found quickly.
A solid segment of the casino’s debt was wiped out during the first bankruptcy filing last year, but Revel continued its pattern of hemorrhaging money, including a $21.7 million loss in the first quarter of this year.
Gros referred to Revel’s approach as “unique,” as several casino properties have gone through multiple bankruptcy filings in the past, but never closed their doors.
A price tag for the $2.4 billion casino is unknown, but the latest filing should provide a solid discount for prospective buyers.