But because the original owners decided to abandon casino culture-they saw Revel becoming more a luxury resort than solely a casino-high rollers avoided the resort, leaving Revel to file for bankruptcy in 2013. It wasn't just a sleek new building-as the first casino to open in the resort town since the Borgata opened in 2003, it had been heralded as the hotel that would bring waves of people back to the city. Revel's board had met on Monday to review the less-than-desirable bids for the casino, but chose instead to close its doors.Ītlantic City had high hopes for Revel when it opened in 2012. The failure cuts the casino's lifeline-it had a slim chance of selling at a bankruptcy court auction-and also means the loss of more than 3,100 jobs. The casino, which cost a whopping $2.6 billion to develop, became both New Jersey's second-tallest building and one that never turned a profit.
Ītlantic City went all-in on the Revel Casino, but the gamble has failed to pay off, company officials said Tuesday. This article is from the archive of our partner.
