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Watch: Gaming not a great biz for MSFT: Trader For all of 2013, it lost $130 million, up from the $110 million it lost during the nine months it was open in 2012. It posted a gross operating loss of $21.7 million in the first quarter this year. Revel has never been profitable since it opened in April 2012. Atlantic City's casino revenue fell from a high of $5.2 billion in 2006 to $2.86 billion last year. Instead, they were gradually credited to a Revel account over several months, with restrictions on when the credits could be used.Īll this occurred against a backdrop of increasing competition from casinos in neighboring states four new casinos will soon open in New York. But that backfired when a 'You Can't Lose' promotion offering to refund slot losses angered many customers who thought their losses would be refunded in cash. It acknowledged mistakes in how the property was marketed and operated, launching a massive campaign to try to win back patrons. But it also kept the option of a second bankruptcy filing as potential buyers expressed interest but failed to pursue a deal.īut even with that extra breathing room, Revel continued to struggle. A union that has been at odds with Revel since before it opened pegged its value in April at $25 million to $73 million, based on public filings.įor much of the past year, Revel has sought a buyer for the property, which has remained eighth out of Atlantic City's 11 casinos in terms of the amount of money won from gamblers. Wall Street analysts and some casino executives said last month that $300 million was too high a price for the casino.

It could not be determined how much Revel might sell for in a bankruptcy auction, but it is sure to be a steep discount. Read More Betting on the World Cup Wall Street-style The company also said it plans to stay open while it searches for a buyer. 'If Revel is unable to complete such a sale promptly, Revel expects to close its entire facility,' the letters read. If not, employees could be terminated as soon as Aug. In warning letters given to employees and obtained by The Associated Press, Revel said it is seeking a buyer for the $2.4 billion casino but can't guarantee one will be found. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit

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