Revel to close by Sept. 10

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ATLANTIC CITY – Revel Casino Hotel will cease operations no later than Sept. 10, according to an announcement today (Tuesday, Aug. 12) from Revel AC, Inc. the parent company of Revel Entertainment Group.

“We regret the impact this decision has on our Revel employees who have worked so hard to maximize the potential of the property,” reads a press release from the casino. “We thank them for their professionalism and dedication; however we are faced with several unavoidable circumstances.”

The closing date is subject to receipt of regulatory approvals.

The announcement, released at 9 a.m., said that 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.  

“This situation is compounded by the considerable non-controllable expense structure that has financially burdened the property.  In addition, challenges have arisen in our attempts to sell Revel as a going concern.”

It states that while they 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.”

Longer term, the company is still hopeful of success in the future, but makes no promises.

“We hope that Revel can be a successful and vital component of Atlantic City under a proper ownership and reorganized expense structure.  We will continue to endeavor toward a placement with such an owner, but there can be no assurance as to the outcome of the pending bankruptcy process.”

Revel will honor reservations and deposits while Revel remains open.

The announcement is the latest in a string of bad news for the Atlantic City casino industry.

It began with the closure of the Atlantic Club Casino Hotel in January followed by news of bankruptcy for for Revel.

Closure plans have also been announced by Showboat, slated to close Aug. 31, and Trump Plaza, which will close on Sept. 16.

According to Atlantic County officials, the closures affect 3,286 Revel employees, 2,139 Showboat employees, 1,600 at Atlantic Club, and 1,153 Trump Plaza employees.

Assemblyman Vincent Mazzeo (D-Atlantic) issued the following statement on Tuesday after Revel Casino Hotel in Atlantic City announced it will close:

“My heart goes out to the 3,100 employees of the Revel. We live in troubling economic times, but as a community we will endure.

“Atlantic City is in a transition period,” Mazzeo continued. “We know it won't happen overnight, but we will get there. It look Las Vegas over 10 years to transition to a destination resort and now they're beating the odds. 

See related stories:

Revel plans to file for Chapter 11

County pledges assistance for dislocated casino workers

Gov. Christie speaks at Revel casino site

Bailing out Revel, over and over again

World-renowned chefs opening eateries at Revel 

Revel shows a glimpse of its development with new Visitor Lounge 

Beyoncé headlines Revel's premiere weekend

Taking the wraps off Revel 

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