REPORT: Atlantic City's Revel Is Warning Employees It Could Shut Down This Summer
Jun 20, 2014, 01:23 IST
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Perry cites a letter being circulated among the staff's workers.
Revel cost $2.6 billion to create. It opened in April 2012, but 11 months later was forced to file for bankruptcy. The development posted an operating loss of $21.7 million in Q1 2014. Bloomberg's Christopher Palmeri reported in November that Atlantic City had seen casino revenue shrink 40% since 2007 thanks to a confluence of negative factors including regional competition, Hurricane Sandy, and the wider U.S. slowdown. Revel's neighbor, the project formerly called the Atlantic City Hilton, filed for bankruptcy court protection last winter. The state of New Jersey plunged at least $260 million to revive the project in 2011 after construction had stalled. Morgan Stanley was an originally partner, having sunk $1.25 billion into the project.