Revel Will Continue Efforts to Sell; Scheduled to Close Sept. 10

The Revel will close on Sept. 10 if no buyer emerges, njbiz.com reports.

Efforts to improve the financial stability of the casino hotel have not been enough to make a significant impact and “challenges have arisen” in the attempt to sell the casino, according to the report.

On Monday, Harry Hurley reported that there were no qualified bids for the sale of the Revel. Bids were due by Aug. 4.

The private auction initially set for Aug. 7 was postponed until Thursday.

The $2.4 billion Revel initially announced bankruptcy in June, and has not made money since it opened in 2012.

“My heart goes out to the 3,100 employees of the Revel. We live in troubling economic times, but as a community we will endure,” Assemblyman Vince Mazzeo (D-Atlantic) said Tuesday morning. “Atlantic City is in a transition period. We know it won’t happen overnight, but we will get there. It look Las Vegas over ten years to transition to a destination resort and now they’re beating the odds. Atlantic City has so much potential, and we’ll strive to maximize it. Tough economic choices lie ahead, but we’ll face them together, and together we’ll work to bring Atlantic City back to being the premiere east coast destination that it once was.”

The announcement is another indication of the escalating casino crisis in Atlantic City.

In January, the Atlantic Club closed, and Trump Plaza is scheduled to close in September.

Showboat is set to close its doors Aug. 31.

For more, visit njbiz.com.