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Revel Casino in Atlantic City will close in September, casino announces
The bankrupt Revel Casino Hotel in Atlantic City, New Jersey, is set to close by Sept. 10 after failing to find a buyer, the casino said on Tuesday.
Revel, the latest casualty in Atlantic City's struggling gaming industry, filed for bankruptcy protection in June and received court approval to borrow $23.9 million in an effort to keep the 1,400-room resort operating for another month while it searched for a new owner.
"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 said in a statement. "This situation is compounded by the considerable non-controllable expense structure that has financially burdened the property."
Revel was Atlantic City's newest casino and it was built at a cost of $2.4 billion. It opened in April 2012 just as a massive decline in the city's fortunes was beginning. Atlantic City has been hard hit by new gaming options in nearby Pennsylvania and Delaware.
The Revel's closing could leave the city with a third fewer casinos than at the start of the year, when 12 casinos were in operation. In July, Trump Plaza Hotel announced it would close in September. The Atlantic Club casino was sold and shut down in January and the Showboat Atlantic City, one of the city's largest properties, has announced it will close at the end of August.