Atlantic City's Revel Casino to shut down, fails to find buyer

Revel Casino announced Tuesday it will close down its Atlantic City casino September 10, after failing to find a buyer or to improve its financial performance.

The casino has said that it will continue attempts to find a buyer by September 10, otherwise 3,200 employees will lose their jobs. While Atlantic City mayor Don Guardian said there were half a dozen qualified buyers for the property, the casino has failed to receive an offers from any of them.
"While we continue to hope for a sale of Revel, in some form, through the pending bankruptcy process, Revel cannot avoid an orderly wind down of the business at this time," the hotel said in a statement.
The hotel filed for bankruptcy earlier this summer for the second time in two years. The hotel was developed for a cost of $2.6 billion and opened only two years ago. The company posted an operating loss of $21.7 million for the first quarter of 2014.
The casino was planned pre-financial crisis and has had to face multiple setbacks post 2008, including Morgan Stanley, its principal owner, walking away from the $1 billion investment.
Atlantic City has seen four casinos shut down this year, taking the city's unemployment rate to 13.1 percent, double that of the state of New Jersey.