After Revel’s board met on Monday, the decision was made to shutter the glittering glass-covered casino at the north end of the Boardwalk. The casino was due to be sold at a bankruptcy court auction last week, but that was postponed to allow casino officials to study bids that were received. “I still believe Revel will sell, for pennies on the dollar, to someone who will figure out that it is the most modern, beautiful structure that’s going to be built for generations to come,” he said. Israel Posner, who runs a tourism and gambling study institute at Richard Stockton College, said he expects Revel to sell as a non-casino building. “I sincerely hope that possibility materializes, especially for the employees who face the loss of their jobs,” he said. Matthew Levinson, chairman of the New Jersey Casino Control Commission, called the closing “enormously disappointing,” but held out hope for a future sale. But it acknowledged that if that happened, it would be after the facility had already shut down. Revel said it still hopes to find a buyer through the bankruptcy process. It said it had no choice but “an orderly wind-down of the business at this time.” The company said its situation was compounded by a “considerable non-controllable expense structure” that financially burdened the property. Revel’s most recent Chapter 11 filing listed assets of $486.9 million and liabilities of $476.1 million. “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,” the company wrote. “We thank them for their professionalism and dedication however we are faced with several unavoidable circumstances. “We regret the impact this decision has on our Revel employees who have worked so hard to maximize the potential of the property,” Revel said in a statement Tuesday. Revel Entertainment said the casino and its 1,399 hotel rooms will close on Sept. In addition to putting 3,100 people out of jobs and hurting state and local budgets, Revel’s demise shows just how cutthroat the East Coast casino market has become, and how difficult it is for even the newest and nicest gambling halls to survive in an oversaturated market. ATLANTIC CITY, N.J. – When it opened just over two years ago, many people hoped Revel would save Atlantic City’s struggling casino industry, which has been bleeding money and jobs for years.īut now the $2.4 billion resort that was widely seen as the last, best chance for Atlantic City’s gambling market is shutting down, unable to find a buyer for even pennies on the dollar.

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