“Destination Resort” failure a warning to Floridians

The only “new, modern, integrated, destination resort casino” in America outside of Las Vegas just filed bankruptcy for the second time, and has warned its employees that if it can’t be sold off, it will likely close its doors for good this summer. This after a quarter-billion dollar bailout by New Jersey taxpayers.

The “Revel”, which was once called by casino industry analyst Spectrum Gaming, “just the tonic Atlantic City needs” is a big, ugly, garish, reminder that claims of job and tax revenue creation by the casino industry are laughable. And the Revel fiasco proves that industry promises that “destination resorts” are somehow different or better than other casinos are also beyond belief.

It seems that the bigger the come, the harder they fall.


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Bankrupt Revel casino warns it might close down this summer

 

Associated Press
June 19, 2014

ATLANTIC CITY, N.J. — The Revel Casino Hotel warned its staff Thursday that it will shut down this summer if a buyer can’t be found in bankruptcy court.

In warning letters given to employees and obtained by the Associated Press, Revel said it is seeking a buyer for the struggling $2.4 billion casino, but can’t guarantee one will be found. If not, employees could be terminated as soon as Aug. 18, Revel said in the letter.

“If Revel is unable to complete such a sale promptly, Revel expects to close its entire facility,” the letters read. The company also said it plans to stay open while it searches for a buyer.

Read the full article online here.


Contact:  John Sowinski Phone:  407-608-5930 Email:  info@nocasinos.org