Tags: revel | casino | closing | atlantic city

Revel Casino Closing: 3K Jobs Gone as Atlantic City Implosion Continues

By    |   Wednesday, 13 Aug 2014 08:07 AM

Revel Casino is closing for good after two bankruptcies, and a struggling Atlantic City is likely to lose 3,100 jobs when it does.

"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," Revel AC, the parent of Revel Entertainment, said in a statement on Tuesday, Reuters reported.

"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."

Urgent: Do You Approve Or Disapprove of President Obama's Job Performance? Vote Now in Urgent Poll

Revel is expected to close its doors and make the layoffs in September.

The job losses stemming from the casino's shutdown come amid a wave of closures across the New Jersey city. The Atlantic Club was shuttered in January, and both Trump Plaza and Showboat said they will shut down this year as well — costing the city thousands upon thousands of lost jobs.

Governor Chris Christie has long promised to revitalize Atlantic City, however many citizens and lawmakers are now calling for the state to end the city's monopoly on New Jersey casino gambling. According to The Wall Street Journal, some proposals call for opening casinos in other parts of the state that would share some of their revenues with Atlantic City.

"In the long term, North Jersey casinos are the only hope that Atlantic City has for a revival," said state Sen. Raymond Lesniak, a Democrat.

The city's overall gambling revenue was as high as $5.2 billion in 2006, but fell to $2.8 billion in 2013 as nearby Pennsylvania and Maryland expanded their gambling operations.

"We always like to think we know where the bottom is. We don't know where the bottom is for Atlantic City," said Keith Foley, analyst for Moody's Investors Service.

Urgent: Assess Your Heart Attack Risk in Minutes. Click Here.

© 2017 Newsmax. All rights reserved.

   
1Like our page
2Share
TheWire
Revel Casino is closing for good after two bankruptcies, and a struggling Atlantic City is likely to lose 3,100 jobs when it does.
revel, casino, closing, atlantic city
327
2014-07-13
Wednesday, 13 Aug 2014 08:07 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved