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Revel Resorts Announces It Will Officially Close After Labor Day

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  Site Where: 500 Boardwalk [map], Atlantic City, New Jersey, United States
August 14, 2014 at 12:25 PM | by | Comments (0)

In case you hadn't already heard, The Revel Resort and Casino in Atlantic City announced that it will officially close its doors and shut down all operations on September 10, only two and a half years after it first opened in April 2012. Hailed as the project that would revive Atlantic City, Revel was never able to turn a profit and was continuously battling bankruptcy issues.

The resort had been a curious case leading up to this announcement. Despite rumors of the potential closing, rates were as high as ever and the hotel is even sold out this weekend. The brass at Revel attributed the resort's demise to a "considerable non-controllable expense structure that financially burdened the property." To us, it sounds like a fancy way to say they didn't do their homework.

Revel said it is going to continue to try to find a buyer during the bankruptcy process, but that even if it does, it will not be until after the resort closes. In total, 3,100 jobs will be lost, which is, of course, sad. And the city is going to have to figure out what to do with the abandoned building if no one wants to give it another go. It's easy to shrug our shoulders at that as tourists, but the locals are the ones who have to bear the aftermath of a botched tourism effort.

In the long run, this closing along with its three other hotel closings, could be a good thing. See what our bro, Jaunted, means by that. Perhaps it's a chance to re-evaluate its future course of action as the city's gambling industry continues to crumble. Since gambling was made legal in Pennsylvania in 2006, the city's casino revenue has fallen from $5.2 billion to $2.86 billion. So maybe Atlantic City could go back to being just a resort town, not a resort and casino town.

Curiously, when we checked the Revel rates on Monday, there were rooms open, with listed rates, through September. Now, however, the room rates look like this. Looks like the hotel's already shutting down.

[Top Photo: HotelChatter]

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