Atlantic City's Revel Casino Hotel will close for good next month after failing to find a buyer willing to shepherd the troubled business through bankruptcy.
The massive $2.4 billion casino opened just two years ago to much fanfare and hopefulness that it could rejuvenate the struggling Jersey resort town's signature industry. It was the first new casino to be built there in almost a decade, as competition from nearby Pennsylvania casinos had sapped much of the town's old clientele; Atlantic City's casino revenue has nearly halved since 2006, when Pennsylvania's first casino opened, according to the Associated Press.
Yet for all the hype, the Revel never turned a profit, and it twice filed for bankruptcy last year. The casino's board met Monday to consider bid proposals, but determined it had not found a viable plan to stay in business. Still, Revel said it hoped to find a buyer during the bankruptcy process who could take over after the casino goes dark.