After filing a Chapter 11 bankruptcy petition last June 19, 2014, the Revel Casino Hotel announced the official closing down on Tuesday, September 2. The permanently closed down of the troubled casino hotel stunned the Atlantic City's gambling market.
On Tuesday, the lustrous $2.4 billion Revel Casino started closing down leaving many of its workers pondering what comes next. The new entry of Atlantic City's gambling market stunned its workers for the unexpected turn out after two years of high hopes of uplifting its troubled gambling market.
The Revel Casino Hotel closed down was the most remarkable and exorbitant failure in Atlantic City's 36-year history of gambling market. The shutdown was due to bankruptcy and the casino has been unable to find anyone willing to buy the property and keep it open as a gambling hub. It was reportedly unprofitable.
The Revel Casino Hotel was the second of the three Atlantic City casinos to close down in the span of two weeks. It followed the Showboat Casino Hotel that closed its doors Sunday then on September 16; the Trump Plaza will close down too.
The Revel Casino Hotel started its construction just before the Great Recession hit and had to take growing debt load and remained unprofitable. The amalgamation is a response to the inundated northeastern US casino gambling market, which continues to add new gambling halls to market without enough demand to sustain them all. By mid-September, four of Atlantic City's 12 casinos will have gone out of business but none will be comparable than the Revel Casino Hotel's costly failure.
The tragic closing down of the Revel Casino Hotel was the third casino to shut down this year and the second for the week. Industry analysts say the cessations are indications that Atlantic City's gambling market is readapting to the new reality of the East Coast gaming, as facilities open in other states and legislators look to expand casino gambling market to northern New Jersey.
The Revel Casino Hotel value had dropped from $2.4 billion to $450 million. With its tragic closing down, many workers are still stunned as Atlantic City's troubled casino permanently gone out of business.
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