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Bloomberg: Revel Casino in Atlantic City to Close Next Month

August 13, 2014, 07:03 AM
Filed Under: Bankruptcy

Bloomberg reports Revel, the bankrupt Atlantic City casino, will close its doors next month after failing to find a qualified buyer, dealing the latest blow to the struggling New Jersey resort town. The two-year-old facility, built for $2.6 billion, was once owned by Morgan Stanley.

According to the Bloomberg story, Revel was Atlantic City’s first new casino since 2003 and was taken over by creditors last year and filed for bankruptcy a second time in June. It will be shuttered no later than Sept. 10, Revel AC Inc. said in a statement today.

Casino revenue in Atlantic City has dropped for seven straight years, falling to $2.86 billion last year from a high of $5.07 billion in 2006, according to Bloomberg Intelligence.

Construction of Revel stalled in 2009 after former owner Morgan Stanley abandoned the complex and lost more than $1 billion. It opened in April 2012 and then closed for five days in October of that year because of Hurricane Sandy. Revel filed for bankruptcy for the first time in March 2013 after reaching an agreement with lenders on a debt-for-equity swap.

To view the entire Bloomberg story, click here.

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