Another fall for boardwalk city. Revel Casino has just closed its doors, coming after an initial 12 closings in the city since January of this year. This has been a major blow for the Hub of Gambling in the North East of the United States of America.
To add salt to the injury, analysts suggest that two more casinos are likely to file for bankruptcy; Caesars and Bally’s owned by Caesars Entertainment owes $250 million to junior creditors, and would like to avoid making such a steep payment, by filing for bankruptcy.
So what does this mean for the city famous for its world class casinos? Only six major casinos will most probably survive after the hit of the global financial crisis (GFC), that occurred in 2008, and whose effects are still being felt today. Revenues from gambling, in Atlantic City have seen major falls since the GFC, with its peak in 2006 at approximately $5.2 billion, and now sitting at just half of that, resulting in thousands of lost jobs.
From their successes in Las Vegas and the Bahamas, we can hope to say that the new Revel Casino may see a stroke of success under its new management. Not just for the local gamers and tourists, but Brookfield plans to rehire the thousands of employees that were laid off upon its closure.