Since its inception just before the financial crisis, the Revel has encountered huge cost overruns. The latest turn of events comes after years of hard luck for the project. Even conversion to condos seems impractical in a city that is losing thousands of jobs and has a reputation for high crime.

Those same flaws are now likely to work against an eventual sale of the property, which has no other obvious uses than as a casino. By most accounts, the Las Vegas buzz that the Revel’s backers hoped to recreate is conspicuously missing. Its sleek, dramatic design was supposed to be its prime attraction, but critics say the structure was too grandiose, and its cavernous gaming floor often feels dead. That said, the Revel’s dilemma is also one of its own making. Rather than heralding a new era, Atlantic City’s newest gaming house has become an embarrassment for the now-fading resort city, where three other casinos are shutting down, leaving eight to cater to gamblers. But “all the things that doom a property were in there.” “You don’t expect to see a two-year-old property close,” said Alan Woinski, president of Gaming USA, an industry consultancy and newsletter publisher. And by Tuesday morning, workers had removed the resort's name and put up a yellow chain to block access.Aug 16 (Reuters) - When the $2.4 billion Revel Casino opened its doors in 2012, the curvy blue-glass tower was hailed as the wave of the future for Atlantic City, New Jersey.īut only two years later, with the announcement that it will close next month while in bankruptcy for the second time, the gleaming, 52-story gambling palace is looking very much like a white elephant stranded on Atlantic City’s beachfront. In Atlantic City, Revel opened in April 2012 its owners twice sought bankruptcy protection. It's still making a lot, but already the trajectory is going downward because you have Maryland in the mix now, you have Ohio in the mix.' But now, she adds, 'Pennsylvania has already flattened out it's actually on a slight decrease this year in revenue, from last year. 'From 2012 to 2013, it was booming - billions of dollars coming into Pennsylvania,' Parmley says. She says the casinos are expected to bring money pouring into resources for senior citizens and boost tax revenue. 'Pennsylvania is a terrific example,' Suzette Parmley of The Philadelphia Inquirer tells David. And that makes it harder for any one town to attract customers from miles around. The arrival of new casinos in cities such as Philadelphia and Pittsburgh - and Baltimore, where Maryland's fifth casino recently opened - is giving gamblers more options.

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